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American luxury jewelry and specialty retailer, Tiffany and Co. is coming with an exclusive collection of CryptoPunk diamond pendants and “takes NFTs to the next level”.
The limited edition of 250 customized, diamond-encrusted necklaces has an asking price of 30 ETH (roughly $50,000) each. Available only for CryptoPunk holders, the selling will be in the form of NFTs with the holders own CryptoPunk convertedto the physical necklace.
The jewelry will feature a combination of 30 diamonds and gemstones, according to Tiffany’s company website.
Sales of the NFTs will start on August 5 with Tiffany expected to profit around $12 million from the initial sale, which can increase from resale loyalties later on.
The necklaces will go on sale Aug. 5 and are only available for CryptoPunk holders to purchase in the form of NFTs redeemable for the physical necklaces. Tiffany’s will net over $12 million from the sale’s sellout, standing to make even more profit from resale royalties.
The CryptoPunk NFT necklaces are the fruits of a collaboration between Tiffany’s and crypto startup Chain. Chain CEO Deepak Thapliyal showed an example of the necklace on Twitter today.