Tiffany prepares to sell NFT-linked diamond pendants

Tiffany, one of the popular jewelery brands, plans to expand into the non-fungible token (NFT) segment. Tiffany has announced the sale of 250 Diamond Pendants belonging to the CryptoPunks NFT Collection. These pedants will be made by hand and will each cost 30 ETH, or about $50,600. A separate NFT will also be sent to the buyer of the pedant.

The CryptoPunks NFT Collection is built by Larva Labs on the Ethereum blockchain. Each piece in this series is different. According to data from CoinGecko, the current price of CryptoPunks is around $1,19,344. There are around 10,000 NFTs in this collection. Tiffany calls this sale ‘NFTiff’. It explained in a blog post, “The NFTiff is a collection of 250 digital passes. This will give CryptoPunks holders a pedant and NFT digital artwork. The pendant will be designed and hand-crafted by Tiffany artisans. Only 250 NFTiffs are available in this collection.” Each customer can purchase a maximum of three NFTiffs.

The sale of NFTiff will begin this week and applications can be made through Tiffany’s website. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. The popularity of NFTs is also increasing. Sports clubs, automobile companies and pop stars are also getting into this business.

Recently the Financial and Security Organizations in China warned against the financial risks associated with NFTs. A few months ago, a survey by financial services company Mastercard of around 35,000 people in 40 countries found that about 45 percent of these people have bought or may consider buying NFTs. With the growth of business in this segment, there has also been a rise in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested.

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