On Friday, Tiffany sold all 250 of its NFTs in under 20 minutes for approximately $50,000 per NFT.
Tiffany & Co., an American luxury jewellery business, introduced and sold all 250 non-fungible tokens (NFTs) in around 20 minutes on Friday. Each NFT sold for 30 ether (ETH), or approximately $50,000, earning roughly $12.5 million for the firm.
Tiffany’s NFTs are called “NFTiffs,” which are digital passes specific to CryptoPunk NFT holders that allow them to convert their NFT into a necklace, including jewels and diamonds. Chain, a provider of blockchain technology, powers NFTiffs.
According to Tiffany’s website, purchasers of NFTiffs have until August 12 to redeem their tokens. As for customized pendants, purchasers may anticipate receiving them early next year. According to the website, if an NFTiff holder sells their token before pendant distribution, they cannot obtain the pendant. Each consumer may purchase a maximum of three NFTiffs during the deal.
While Tiffany swiftly sold out of NFTiffs, their floor price — the lowest price at which an NFTiff is presently offered for sale — has decreased relative to its selling price. According to NFTGo, the current floor price is around 27 ETH or $46,000, which might result in a little loss for its investors.
According to NFTGo, there have also been resales of NFTiffs, with their 24-hour trading volume exceeding $1 million.
Deepak Thapliyal, CEO of Chain, asserts that Tiffany & Co. has a “clear and forward-looking strategy” for web3. The business “made an unforgettable piece of history” with NFTiffs, Thapliyal tweeted on Saturday.
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