Tiffany turns Cryptopunks into pendants with NFTiff
Cryptopunks are among the most popular NFT Profile Picture (PFP) collections, along with Bored Apes, World of Women, and Rtfkt’s Clone X, with only 10,000 Cryptopunks worldwide. High-level PFP owners are hungry for physical badges of honor that signal the same status as an online PFP image, often used as profile pictures on social media. Instead of creating its own NFT collection or simply accepting cryptocurrency payments, Tiffany’s approach is novel in that it applies a touch of luxury to an existing community, similar to how Gucci has recently offered to dress the popular PFP collections – but with a physical touch. It also comes amid a “crypto winter” with a reduction in the pace of declines in fashion and luxury-related NFTs following the fall in crypto values, and a wider suspicion that NFTs might not measure up. immediate hype.
Arnault, a collector who also owns a Meebit and a Clone, agrees wholeheartedly. experience,” reads a statement from Arnault.
Until recently, commercial rights to Cryptopunks were not available to holders, meaning people could not create and sell merchandise with punk imagery. But in March, Yuga Labs, owner of the Bored Ape Yacht Club, acquired Cryptopunks, granting them commercial rights and allowing people like Tiffany to use the images on products.
Tiffany joins Bulgari, one of the few jewelry brands to launch into Web3. Bulgari launched three NFTs related to its high jewelry collection in June.
LVMH-owned luxury watchmaker Tag Heuer, run by Alexandre Arnault’s brother, Frédéric Arnault, has also experimented with “physical signaling,” or displaying NFTs in the physical world. It recently introduced a new feature to its smartwatches, allowing collectors to display their NFT on their smartwatch face, in addition to accepting crypto payments on its US site. “We think the wrist is a great place to display your NFT – to have it close to you but also as a means of authentication between community members, like a badge of honor, in an unobtrusive way,” explained Frederic Arnault at Business in vogue in June. With NFTiff, Alexandre Arnault thinks the neck is also a great place.
The luxury conglomerate acquired Tiffany & Co for $15.8 billion in October 2020 and has been working on revitalizing the brand over the past 18 months, led by CEO Anthony Ledru and Arnault. The first results are positive. The group called “Tiffany’s excellent half-year, still driven by strong momentum in the United States” in last week’s results.
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