Tiffany and Co. have announced a collection of $50K CryptoPunk necklaces. The collection of diamond-encrusted pendants will be exclusively available for CryptoPunk owners to purchase, and is apparently limited to 250 editions.
The company is selling 250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000) to holders of the CryptoPunk avatar collection. Each necklace will include a combination of 30 diamonds and gemstones, according to Tiffany’s website.
The necklaces will go on sale on August 5th and are only available for CryptoPunk holders to purchase in the form of non-fungible tokens (NFT) redeemable for the physical necklaces. Tiffany’s could apparently net over $12 million from the sale if they sell out, but could likely make even more profit from resale royalties.
The release is part of an ongoing collaboration 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.
