Luxury jewelry brand Tiffany & Co. announced the launch of NFTiffs, a collection of 250 digital passes which can be purchased only by holders of CryptoPunk NFTs. The digital pass will allow CryptoPunk owners to redeem a custom physical pendant and an NFT that resembles the jewelry, with the pendant design based on the owner’s CryptoPunk NFT.
Each pendant comes with a certificate of authenticity and will have at least 30 gemstones and/or diamonds that best match the original NFT art. The price tag is 30 ETH or roughly $50,000.
The NFTiff will be available to view once the rendering of the jewelry design is completed and the pendant is due to be shipped by early 2023.
Relaxed NFT IP rights make it possible
Notably, this is not a formal partnership with CryptoPunks or Yuga Labs, but an offering that Tiffany is providing independently of the NFT collection. That’s only possible because the intellectual property rights associated with owning a CryptoPunk include commercial rights such as creating a physical object bearing the NFT’s image.
The IP rights were enhanced after the CryptoPunks IP was acquired by Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC). Elsewhere NFT IP rights have been used in collaborations by Universal Music, Timbaland and even a formal partnership with Adidas.
The CryptoPunk community is already exclusive, with only 10,000 in circulation. However, since only 250 passes are available and just 200 are not allow listed, Tiffany is effectively creating an even more elite circle within the community. This exclusivity is very much on brand for Tiffany but arguably may be off-putting to other brands where a broader audience is bound to perceive such products as inaccessible.
Tiffany is no stranger to NFTs, having bought Tom Sachs’ “Okapi” NFT for $380,000 earlier this year. Although the outcome of NFTiffs remains to be seen, their creation highlights how much more accepted and even desired NFTs have become by mainstream businesses.