Jewelry Brand Tiffany and Co. Unveils $50K CryptoPunk Necklaces

Luxury jewelry brand Tiffany and Co. (TIF) is putting CryptoPunks on-chain: diamond chains.

The company is selling 250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000) a pop to holders of the famed avatar collection. Each necklace will include a combination of 30 diamonds and gemstones, according to Tiffany’s website.

The necklaces will go on sale Aug. 5 and are only available for CryptoPunk holders to purchase in the form of non-fungible tokens (NFT) redeemable for the physical necklaces. Tiffany will net over $12 million from the sale if they sell out, standing to make even more profit from resale royalties.

The release is part of a tie-up with the crypto startup Chain, which is taking care of the launch’s back end. Chain’s CEO, Deepak Thapliyal, first teased the collaboration in a tweet last week.

NFT Twitter had mixed reactions to the announcement, with some users criticizing the pendant’s high price. Others praised the collaboration as a step forward for the collection’s image.