We don't know who would want to buy Tiffany's NFTiffs, a line of wildly expensive and incredibly ugly CryptoPunk inspired pendants.
The brand said they were taking NFTs to the next level. NFTiff is exclusive to holders of the crypts.
The earliest days of the NFT trend can be seen in the early days of the CryptoPunks collection.
The first 250 NFT holders that purchase the NFTiffs will receive a real-life pendant that resembles their NFT, as well as a corresponding NFTiff NFT.
Some details are a bit hazy.
Tiffany's necklace doesn't come cheap, but each of the NFT pendants will be worth around $50,000.
It's a pretty penny to spend on something so hideous, when the price of NFTs has plummeted.
The question is why. Who is the audience?
The fashion world is interested in the Web3 environment. A virtual Fashion Week has been hosted by Decentraland, as well as luxury brands like Prada.
The son of the world's third-richest man gushed over one of the first pendants back in April.
He added: "LFG!" at the time.
Alexandre Arnault, who has been accused of insider trading in the past, has taken a different approach to Web3 than his father has.
Bernard Arnault told investors in January that they were in the real world. We don't want to sell virtual sneakers for 10 euro. We don't like that.
His comments did not deter Louis Vuitton from launching its own NFT project.
According to Arnault, the NFTiffs endeavor isn't just about his love forCryptoPunks. The Tiffany VP said that this is what the community wanted.
It's worth wondering who is part of the community that Arnault is talking about. Tiffany's regular, ultra-wealthy customers may or may not have an overlap with theCryptoPunk collectors.
It's fascinating to see how Tiffany continues to engage with the Web3 world.
It's not clear if anyone will actually buy one of these hideous trinkets. We aren't holding our breaths.
Tiffany's made a necklace that cost $48,000.
The NFT culture has more to do with the explosion of a friend with explosives.
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