After partnering with iconic luxury jewelry and specialty retailer Tiffany & Co, one of the oldest NFT projects, CryptoPunks saw an over 248% increase in sales volume in the last 24 hours.
Tiffany & Co Entering NFT World
According to CryptoSlam, the CryptoPunk collection sold 1,279 ETH, or almost $2.16 million, in the previous day. In contrast to this, just 123 ETH worth roughly $200,000 were sold in the last 24 hours, according to NFTPriceFloor.
The surge in sales comes after Tiffany & Co tweeted on Sunday about the launch of a separate line of NFTs called NFTiffs. The offering would be a series of digital and physical pendants made for the owners of Cryptopunks that would resemble the NFTs CryptoPunk holders own.
"We're taking NFTs to the next level," Tiffany wrote on Twitter on Sunday. "Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You'll also receive an additional NFT version of the pendant."
The CryptoPunk pendants will be in 18k rose or yellow gold based on the color palette of the NFT. Tiffany hinted that the NFTiffs NFTs would launch on August 5th with a floor price of 30 ETH per unit, or about $50,000.
In March, Tiffany & Co. purchased an Okapi NFT from Tom Sachs, marking the company’s entry into the NFT industry. The NFT is now the Twitter profile photo for the business.
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
Iconic NFT Project
CryptoPunks is a collection of 10,000 algorithmically generated images tokenized as NFTs on the Ethereum blockchain and created by software studio Larva Labs. The project inspired the modern CryptoArt movement.
CryptoPunk’s trend unexpectedly took off, drawing Silicon Valley CEOs, notable venture capitalists, well-known YouTubers, professional poker players, and important business figures into the fray.
In 2021, VISA purchased a CryptoPunk for $150,000 in ETH, signaling their trend recognition by the institutional players.
On the Flipside
- Floor prices for NFTS can be volatile, and some NFT projects have failed, but CryptoPunks have mainly remained stable.
Why You Should Care
- In 2022, CryptoPunk sales reached $2 billion.
- Many think it’s still just an internet obsession that will go away soon. However, initiatives like BAYC and CryptoPunks have significant relevance in the metaverse. These projects reflect the avatars that, in the future, we will own and use for virtual interaction, according to firms like Microsoft and Meta.
CryptoPunks Influenced a Digital Native Generation:
CryptoPunks Influenced a Digital Native Generation
How to Kickstart Your Journey into the NFT Space:
How to Kickstart Your Journey into the NFT Space: The Ultimate Beginner’s Guide