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CRYPTOBLING

Tiffany's new $50,000 CryptoPunk pendant is a bargain compared to the NFT

A pixelated face pendant made of precious metals and gems
Tiffany & Co
NFTiffs
Published

CryptoPunks are among the most treasured NFTs among collectors. Experts trace today’s crypto art craze to the collection of 10,000 computer generated avatars created and distributed for free by Canadian software developers Matt Hall and John Watkinson in 2017.

The so-called “original NFTs” are so coveted that a single lot of nine CryptoPunks fetched $17 million at a Christie auction last year. Figma CEO Dylan Field also sold his for $7.5 million last year and even wrote an ode to his beloved #7804 when he put it up for sale. Many owners, like Field, proudly use their Punks—pixelated zombies, apes, or aliens—as their social media or gaming avatars, but there’s never been a slick way to show them off—or any crypto art for that matter—outside of the digital realm.

Turning CryptoPunks into jewelry

Now, Tiffany & Co. is offering CryptoPunk owners a way to flash their treasured Punk without pulling out a crypto wallet. For 30 ethereum ($50,000), the LVMH-owned jeweler is selling 250 “digital passes” that gives CryptoPunk owners the opportunity to convert their avatar into a gem-encrusted pendant. Each gold pendant will contain about 30 precious stones like blue sapphires, violet amethysts, and bright red spinel, tracing the Punk’s pixel design. Only those who already own a CryptoPunk are eligible to buy “NFTiffs,” as the pendants are called.

The cost of CryptoPunk NFTs varies widely and subject to the swings of the volatile cryptocurrency market. This week, CryptoPunks are selling for an average price of $74,000; in February, a bandana-wearing ghoul (#5822) sold for $24 million.

Since Tiffany’s unveiled the project yesterday more CrypoPunks have changed hands than any other time since July 18, but transaction volume is still well below prior moments of popularity.

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