Luxury jewelry company Tiffany & Co. announced a new NFT project called NFTiff on July 31, which is slated for an August launch.

The collection will consist of 250 unique NFTs created as derivatives of verified CryptoPunk NFTs and will each correlate to a real-world 18k gold pendant laced with gemstones and diamonds.

The pendants will be available from August 5, with delivery planned for “early 2023,” which will include the “custom pendant on a chain, certificate of authenticity, [and] signature Tiffany & Co. packaging.”

The reception to the news has not been entirely supportive, with many users identifying the move akin to a ‘market top’ signal. Over the past 24 hours, “Tiffany” has over 88,000 mentions on Twitter and has been trending in the U.S.

Satvik Sethi, a builder of several NFT and metaverse projects, called Tiffany’s NFT a “corporate cash grab” as he contended that the company could find a better use for blockchain technology.

Sethi referenced the potential for Tiffany’s to integrate blockchain into its supply chain to “authenticate products” rather than simply selling a derivative NFT.

However, NFT collector 260.eth argued that “this is the kind of PR you can’t even pay for,” suggesting the announcement is bullish for Ethereum.

260.eth further identified Tiffany’s customers as “maybe the richest subsection of society” and thus the correct audience for the NFT industry.

SarahScript, an NFT artist, believes that the move is “pretty freaking rad,” citing Tiffany’s long-established brand presence as the reason for her optimism.

Artist, Will Nichols, was equally confused by the negative sentiment and claimed that Tiffany’s could “charge what they want” due to its long-standing heritage.

The NFT launch in August can be tracked by reviewing the smart contract.

The post Tiffany & Co. to launch new NFT collection priced at 30 ETH a pop, community opinion divided appeared first on CryptoSlate.

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