Tiffany & Co., the 184 years old American luxury jewellery and specialty retailer has teamed up with CryptoPunks NFT avatars (est. 2017) for their NFTiff NFT collection.
“NFTiffs represent a collection of 250 digital passes, offered by Tiffany & Co. which may be minted when purchased and redeemed by CryptoPunks holders for the creation of a custom designed pendant and a NFT digital artwork that resembles the final jewelry design.”
The collection will be strictly limited to a supply of 250 NFTs at a price of 30 ETH each, which is around $50,000. This makes it the one of most expensive public NFT sales in history at $12.5 million for the collection.
The NFTiff digital pass will be available to buy on August 5, 2022, but only holders of both an NFTiff NFT and CryptoPunk held in the same wallet can redeem the real-life jewellery inspired by the owner’s Cryptopunk. Customers will also receive “an additional NFT version of the pendant”.
The jewellery designs aim to interpret and recreate the CryptoPunks pixelated aesthetics in Tiffany’s signature luxurious style.
Customers who redeem their NFTiff will receive “a bespoke pendant handcrafted by Tiffany & Co. artisans” made with 18k rose or yellow gold. The original CryptoPunk colours will be “represented as closely as possible using the natural colors of various gemstones” by using at least 30 gemstones to convert the 87 attributes and 159 colours that make up the original CryptoPunks NFTs.
Considering that there is a one-week deadline from the sale date to redeem the jewellery by August 12, 2022, and deliveries slated for early 2023, an exciting sense of fomo is expected, not-to-mention the limit of 3 NFTiffs per customer among other factors adding some spice to the market dynamics of the drop.
FC Barcelona sells 25% of their digital-content arm Barca Studios for $100 million to Web3 sports fan platform Socios.com.
“Fan engagement has never been more important for the sports industry … we are launching FC Barcelona’s Fan Token and are helping to boost their ability to connect the Club with their fans all over the world”. (Alexandre Dreyfus, CEO and founder of Socios.com and Chiliz)
FC Barcelona, one of the world’s biggest and most recognisable sports teams having been ranked “world’s fourth most valuable sports team” with a value of $4.76 billion by Forbes, is accelerating its Web3 expansion by deepening its partnership with fan engagement and rewards platform Socios.com powered by the Chiliz blockchain.
FC Barcelona club members had previously voted to allow the maximum minority stake of 49% of their digital-content and audiovisual production business Barca Studios, with this initial 25% permanent stake being sold for $100 million.
Socios had already piloted a successful tokenized Web3 engage-to-earn project with FC Barcelona, partnering with the football club to launch the $BAR token of which almost 3 million $BAR tokens have already been snapped up by eager fans.
Holding the $BAR token enabled fans of the club the power to influence decisions taken by the club’s management, play exclusive games and win once-in-a-lifetime VIP prizes.
This included the #livethedream initiative, which gave 22 lucky $BAR holders the chance to play a match at the Camp Nou, and the $BAR community the opportunity to design an inspirational mural placed inside the club’s dressing room.
Currently, a maximum of 10% can be set for each receiving address with the ability to change the percentages anytime, with members of their community already calling for the ability to set higher percentages.
Additionally, OpenSea also announced via Twitter the ability to buy and send an NFT to any wallet address or ENS domain in a single transaction. This allows the NFT purchaser a more simplified method of gifting an NFT.
Previously, a buyer would have to pay the transactional gas fee to purchase and take ownership of the NFT to their own wallet, then pay another transactional transfer fee to send the NFT to a different wallet. This basically forced the gifter to pay gas fees twice while adding an unnecessary step to the gifting process.
Both features have so far been well received by the OpenSea community amidst the lingering effects of their insider trading fiasco. The ongoing ‘NFT marketplace wars’ will no doubt push platforms to implement more NFT creator and consumer-focused features in the future as they compete for users in an increasingly competitive space.