How luxury Tiffany & Co. entered the world of web3

💎 Exactly 3 weeks ago Tiffany launched an NFT pass called NFTiff. With this pass, cryptopunk holders could redeem a custom jewelry pendant in the style of their very own cryptopunk.

🧳 Tiffany’s journey into web3 was publicly driven by its EVP Alexandre Arnault, who joined early this year the cryptopunk community and showcased in April his custom-made punk pendant on Twitter. Resonance on his Twitter poll showed the community was also interested in punk pendants - so they listened.

🚀 From there on Tiffany showed strong and fast execution. 3.5 month after the poll the NFTiff project was announced. 3 (5) days after announcement presale (public sale) started. 1 week after public sale redeem window already closed.

💧 Let’s look at the data on how the mint went. Presale of 100 tokens for eligible members of the punk discord sold out in 16hrs of 48 hrs presale window. The remaining 150 tokens were reserved for public sale. It only took 21 minutes for those to sell out. In total, the mint generated an astounding volume of 7500 ETH (USD ~12mn).

💠 While everyone was able to buy in public sale, only punk holders were allowed to redeem a pendant. So also speculators jumped on the train which you can see in the redemption numbers. Most redemptions were “last minute” indicating speculating to buy/sell secondaries before the NFTs become worthless after redeem window.

🛒 Indeed that's what we see in the secondary sales. After an initial high volume on first day of public sale (600 ETH), volume as avg. sales prices quickly went below mint price. Last day of redeem window, a lot sold at a significant loss.

👤 Interesting to see who was among the very, exclusive group to own 1 of 250 NFTiffs and who Tiffany & Co. targeted. Turns out a wealthy group (avg 27 ETH wallet balance) of rather experienced crypto natives (avg. 464 days wallet age) that also own other blue chip NFTs like Meebits, BAYC and Meebits.