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Tiffany & Co. NFT Sale Sells out, Luxury Jewelry Retailer Rakes in $12.5M in Ethereum – Blockchain Bitcoin News

August 7, 2022

On August 5, 2022, the American luxury jewelry retailer Tiffany & Co. announced that the company’s non-fungible token (NFT) mint called “Nftiff” sold out. Tiffany’s sold 250 Nftiffs for 30 ethereum per Nftiff raking in more than $12.5 million from the sale. The NFTs created by Tiffany’s have to be redeemed by August 12 and so far 94 Nftiffs have been redeemed.

Tiffany & Co. NFT Sale Sells Out Gathering $12.5 Million in Ether

Six days ago, Bitcoin.com News reported on Tiffany & Co. revealing an NFT mint called “Nftiff,” a new product crafted by Tiffany’s that combines non-fungible token technology and luxury jewelry. Since then Tiffany’s has hosted its sale and all 250 NFT units sold out, according to a tweet published by the company on August 5.

Tiffany & Co. NFT Sale Sells out, Luxury Jewelry Retailer Rakes in $12.5M in Ethereum — “Depending on which Cryptopunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art,” Tiffany’s explained last week. “Examples of gemstones include but are not limited to Sapphires, Amethyst, and Spinel.”

Each NFT, otherwise known as Nftiff, sold for 30 ether or just over $50K per NFT on Friday. The combined value of the sale netted more than $12.5 million for the luxury jewelry retailer. “We are sold out of all 250 Nftiff. Until the next mint,” Tiffany’s wrote on Friday. Data stemming from Dune Analytics indicates that 94 Nftiffs have been redeemed so far by a total of 73 Cryptopunk NFT owners. On the same day as the sale, Tiffany’s said:

Nftiff couldn’t be easier. Purchase your NFT through the Nftiff gateway, choose your Cryptopunk and Tiffany artisans will transform it into a bespoke pendant.

Nftiffs Sell for Less Than the Original Sale Price on Secondary Markets

Metrics from cryptoslam.io show the original Nftiff sale and secondary market sales has achieved the top NFT collection ranking by sales volume during the last seven days. There’s been 299 transactions to date from the 182 owners storing Nftiff NFTs on 48 active wallets. Cryptoslam.io data and nftgo.io metrics both indicate that there’s been some secondary sales set for under Tiffany’s original asking price.

Both NFT analytics sites show Nftiff sales have dropped as low as 27 ether and some for 27.5 and 27.8 ETH per Nftiff. This means owners have sold Nftiffs at a loss on secondary markets, like Nftiff #42, which sold 19 hours ago for 27 ether or a hair over $46K. Currently, at the time of writing on Sunday afternoon at 2:00 p.m. (EST), the Nftiff floor price is back to the 30 ETH value Nftiffs originally sold for during Tiffany’s sale.

Tags in this story

30 ETH, 30 ethereum, August 5, Blockchain, Blog Post, Critics, cryptopunk, Cryptopunks pendant, luxury jewelry, luxury jewelry company, nft, Nftjeweler.eth, NFTs, Non-fungible Token, NYSE: TIF, Social Media, specialty retailer, Tiffany & Co., Tiffany’s Nftiff, Tiffany’s

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.