Tiffany & Co. will launch a collection of 250 non-fungible tokens (NFTs) on Aug. 5, 2022 that can be redeemed for a physical pendant called an NFTiff. Each NFTiff is designed to look like its NFT counterpart and costs 30 ETH, or more than $49,000 as of June 3, and buyers are limited to three each.
The NFTs used for NFTiffs will come from the CryptoPunks collection, which contains 10,000 designs. Each pendant will use at least 30 gemstones and/or diamonds to create a custom design that matches the related NFT. A total of 100 current CryptoPunk owners have been whitelisted to participate in a presale on August 3.
Tiffany isn’t alone in its interest in the NFT space; other luxury retailers that have offered NFTs include:
- Prada reportedly launched a Timecapsule product drop collection in June 2022, according to Vogue Business;
- Gucci launched a line of NFTs called SUPERGUCCI in partnership with SUPERPLASTIC; and
- Louis Vuitton has reportedly created a game app with NFT rewards, according to Vogue Business.
While luxury brands have been dipping their toes into the NFT market, GameStop is the retailer seeking to make the biggest splash. The video game retailer launched a long-planned NFT marketplace in early July, but trade volume growth reportedly slowed during its first week, according to Ars Technica.
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The Motley Fool noted that GameStop’s marketplace opened shortly after NFT trade volumes on OpenSea fell 73% month-over-month to $695 million in June, and that the marketplace saw $375 million in trades during the first three weeks of July. The investing advice firm concluded that while it expects the NFT marketplace to have an overall positive effect on GameStop’s bottom line, declining volumes mean NFTs will likely remain a niche, secondary source of income.
