Who could imagine that a 187-year-old prestigious jewelry brand would announce its own NFT collection in collaboration with Crypto Punks?
Just for you to understand, Crypto Punks is one of the first hyper-successful Web3 art projects containing 10,000 unique 8-bit Profile-Picture type NFTs, launched back in 2017. And it’s still one of the biggest and most exclusive NFT communities in the realm of web3.
A Generation Battle
Although Bernard Arnault, CEO, and owner of the LMVH group that owns Tiffany & Co. is not a huge fan of NFTs and web3 and has made his position clear that he has no interest in selling ‘$10 Virtual Sneakers’.
But his 30-year-old son Alexander Arnault was aware of the potential and opportunities that lie in this space in order to appeal luxury to the younger audience and to raise Tiffany & Co. level of interest with a strategic collab.
The Luxury Collab
Back in April, Alexander Arnault posted a custom Tiffany pendant of Crypto Punk #3167 on his Twitter account and the market couldn’t believe his eyes. That was the first glimpse of what was about to come, and also to test the reaction of the community.
Then, on August 5, Tiffany announced a collection of 250 Crypto Punk pendant NFTs called NFTiff. Each NFT was priced at 30 ETH ($51,000 approx.) that could be minted by Crypto Punk NFT holders from their official website nft.tiffany.com and could be exchanged for a real 18K gold Crypto Punk Pendant with 30 precious gemstones and diamonds highlighting the unique 87 attributes and 159 colors of each Crypto Punk.
The audience went bonkers and the buzz around the custom pendant surpassed all expectations. All the NFTs were minted within the first few minutes of the launch and it sold out resulting in $15 million in revenue for the brand.
Marketing Analysis
The project had a huge impact on the web3 community, garnering attention from a span of NFT collectors and art enthusiasts. With their unique NFT project, they have added yet another layer of flex to one of the most exclusive NFT projects of all time.
Although, many brands are still skeptical of the prospects that web3 offers to businesses. Tiffany & Co. has made it pretty clear that the marketing opportunities that web3 and NFTs offer are no less than a goldmine.
People might argue that it doesn’t make sense for an image to be worth hundreds of thousands of dollars, but Tiffany has proved it wrong by giving you access to real, physical objects that have a non-volatile monetary value.
The concept of NFTs is not confined to the wall of arts and collectibles, they give you access to exclusive communities, shows, events, and tangible assets like jewelry as well. Brands need to recognize that with time, they need to adapt to changes in technology, trends, and interests of the audience and venture into unexplored territories. Even brands like Tiffany with centuries of heritage are evolving with time and molding themselves to the interests and demands of their audience.
