Tiffany & Co. is turning CryptoPunk NFTs into jewellery, but it'll cost you

If you're one of the many people who doesn't really get why NFTs (non-fungible tokens) are as expensive as they are, then brace yourself.

On Sunday, luxury jewellery brand Tiffany & Co. confirmed that it's diving into the world of crypto jpegs with a collection of its own, teaming up with CryptoPunks – one of the most popular and expensive NFT projects on the Ethereum blockchain – to release a limited collection called – wait for it – "NFTiff".

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Limited to a supply of 250, NFTiff "transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans" for the bargain price of – deep breaths – 30 ETH.

SEE ALSO: Think cryptocurrency is bad? NFTs are even worse.

At the time of writing ETH is trading at around $1,575, which would put the price of an NFTiff at $47,250. An NFTiff is redeemable for a custom-made piece of physical jewellery based on your CryptoPunk NFT, as well as another NFT that replicates the final jewellery design.

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Yep, it's eye-wateringly expensive, but when you put it into context it's not all that surprising. The last 10 CryptoPunk sales have averaged well over 70 ETH, so owners probably aren't short of money. For 30 ETH you're getting a piece of Tiffany jewellery as well as another NFT with a very small supply, which will likely make it highly coveted among cryptocurrency whales.

The pendants themselves will be made from 18K rose or yellow gold and include at least 30 stones, per the Tiffany FAQ. Renders will be ready by October, and the jewellery will be shipped out in 2023.

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The sale will take place through Tiffany's website on Aug. 5 at 10am EST, and there will likely be all sorts of scams floating around, so tread carefully.

UPDATE: Aug. 5, 2022, 10:30 a.m. EDT Tiffany & Co. reported it had sold all 250 NFTiffs in just over 20 minutes on Friday at 10:22 a.m. ET. The company confirmed the sale on Twitter.

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