Utility is a big part of an NFT project, which is what sets it apart from others. Crypto Punks, one of the earliest significant NFT collections, adds a new utility that is incomparable to others. Tiffany and Co. collaborated with the Punks and released 250 NFTs in a collection dubbed “NFTiff”. These NFTs will come as a physical asset that can only be attained by owning a Crypto Punk NFT.
How Much is Tiffany & Co. Selling The NFT For?
This creates a frenzied supply and demand because, although there are 10,000 Crypto Punks within the collection, only 250 NFTiffs are available. These NFTs come in at the price of 30 Eth, which is equivalent to the price of roughly $50,000. NFTiff is a digital artwork that resembles the final jewelry design. Then, after buying an NFTiff asset, a Crypto Punk holder exchanges that NFT for a hand-crafted piece of jewelry customized by Tiffany & Co. to the likeness of their Punk.
In addition, Crypto Punks sales have increased by 116%. At the time of publication, Crypto Punks are not listed for sale. Obviously, because holders realize the Tiffany and Co. announcement correlates to the appreciation of the collection. The last recorded sale for a Crypto Punk on OpenSea was for 85 Eth, which is equivalent to $145,000. An accumulation of $200,000 is required to obtain an NFTiff. $145,000 for the Crypto Punk, and an additional $50,000 to purchase an NFTiff.
Anymore Web 2 to Web 3 Collabs?
With an NFT costing this much, you can imagine that only the richest of the rich can obtain an NFTiff. Bringing exclusivity to an already exclusive collection. How Tiffany & Co. made a tangible gateway into Web 3 is only a fraction of how Web 2 companies can utilize NFTs. More and more known brands and businesses in the physical world are making tremendous strides in the world of decentralization. Web 3 people will become more surprised at the companies that try to become a part of the digital world.
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