This morning Tiffany & Co. announced their first NFT product called NFTiff. Dropping August 5th at 10 AM ET there will be 250 NFTiffs available and anyone can purchase one for 30 ETH (roughly $51,000). However, it was quickly overlooked that these were available to everyone because of the collaboration that Tiffany & Co. had with CryptoPunks that allowed Punk holders to redeem their NFTiff for a custom-designed pendant and an NFT digital artwork that will resemble the final jewelry design. 

This announcement shot the trading volume of CryptoPunks up by over 2,253.37% in the last 24 hours with over 1,482.62 ETH exchanging hands! With the last Punk being sold for 78.99 ETH (before the huge increase in volume a Punk was going for the mid-60 ETH range) the price of Punks has increased as well jumping roughly 15 ETH and has led to there being no Punks for sale on OpenSea! To participate in the NFTiff drop as a Punk owner be eligible for the Tiffany & Co. rewards an individual would have to spend roughly $183,600 before gas fees are taken into consideration.

The pendants will be extremely interesting to see come out because how they will look depends entirely on your Punk's color palette. It is known though that for each one Tiffany's will be using at least 30 gemstones (sapphires, amethysts, spinel, or diamonds representing the Punk and framed in either 18 k rose or yellow gold. Buyers will receive a rendering of their piece by October with the pendants' delivery expected to be in 2023. 

When it has come to collaborations and NFT owners getting special or early access to something CryptoPunks has not really been talked about. The Bored Ape Yacht Club has and continues to dominate that realm but with the two collections now under one roof, it will be interesting to see how they court future collaborations. Seeing CryptoPunks partake in this type of collab though shows that even the older NFTs can keep up with the new NFTs and can add special utility to holding them! 

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to further support me below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

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