Deepak Thapliyal says Tiffany's 'NFTiffs' show promise of luxury web3 products

Quick Take

  • After selling out within 20 minutes of their launch in August, buyers of Tiffany’s ‘NFTiffs’ are finally receiving their diamond CryptoPunk pendants. 
  • Deepak Thapliyal, CEO of Chain, told The Block that the production process revealed key insights into customer and community communication. 

Physical versions of Tiffany's 'NFTiff' diamond pendants are finally arriving on customer doorsteps. 

The collection was launched last year by the luxury jewelry firm, which offered the diamond-encrusted pendants to CryptoPunks holders for 30 ETH, or about $50,000 at the time. The 250 available NFTiffs sold out within 20 minutes of their debut on Aug. 7 and netted $12.5 million for the firm. 

The creation of this so-called "phygital" item -- a physical item with a digital counterpart -- revealed key insights for brands producing this type of product, Deepak Thapliyal, CEO of blockchain tech firm Chain, told The Block.

"NFTiff was a very successful project bringing a prominent luxury brand into Web3," he said. "We sold out in minutes, and clients were able to create a 1/1 pendant to match their CryptoPunks which they are now starting to receive throughout the globe."

Chain partnered with Tiffany's in August to facilitate the launch of NFTiffs. 

Customer engagement 

Thapliyal said that the unique nature of the NFTiff prolonged the production and delivery period for the pendants, giving the firm insights into customer and community communication. 

"Brands need to be willing to listen to and react to feedback provided by the community during the course of the project," he said. "They also need to prioritize the NFT component equally with the physical good to give the best user experience possible."


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Customers who received pendants seem to be pleased with the results.

"It’s beautiful and I just put it on for the first time," an NFT influencer who goes by Gmoney.eth told The Block. "I plan on wearing it a bunch." 

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CryptoPunks remains one of the most valuable NFT projects of all time. The collection has a trading volume of over 1 million ETH among 22,000 transactions, according to the NFT marketplace OpenSea. However, CryptoPunks's floor price is second to Bored Ape Yacht Club, The Block's Data Dashboard shows. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].


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