American luxury jewelry retailer Tiffany & Co. debuted and sold out all 250 non-fungible tokens (NFTs) on Friday in about 20 minutes. Each NFT sold for 30 ether (ETH), or about $50,000, generating some $12.5 million in revenue for the company.
Tiffany's NFTs are called "NFTiffs," which are digital passes exclusive to CryptoPunk NFT holders and give them the right to turn their NFT into a custom pendant, containing gemstones and diamonds. NFTiffs are powered by blockchain technology firm Chain.
Those who purchased NFTiffs must redeem their tokens by August 12, according to Tiffany's website. As for custom pendants, they are expected to be delivered to buyers early next year. If an NFTiff holder sells their token before shipment of a pendant, then they cannot receive the pendant, per the website. Each customer was entitled to buy a maximum of three NFTiffs in the sale.
While Tiffany quickly sold out NFTiffs, their floor price — the lowest price at which an NFTiff is currently available for sale — has declined from its sale price. The current floor price is about 27 ETH or $46,000, which could mean a slight loss for its holders, according to tracker NFTGo.
There have also been resales of NFTiffs, with their trading volume reaching over $1 million in the last 24 hours, according to NFTGo.
Tiffany & Co. has a "clear and forward-thinking vision" for web3, according to Chain CEO Deepak Thapliyal. With NFTiffs, the company "created a memorable piece of history," Thapliyal tweeted on Saturday.
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