Brands and Web3 №1 — Tiffany & Co x CryptoPunks

Ok so in the past we have seen a lot of brands entering the web3 space. We have also seen a lot of discussions about do brands need to enter the web3 space and why is it important etc..

I am gonna start a small rundown of the examples we have seen with my personal opinion. I am not gonna go through RTFKT since I believe that they + Nike are crushing it and a lot of people already covered all the things related to them.

Shall we get started?

#1 Tiffany & Co. doing a collab with CryptoPunks powered by Chain

“Tiffany & Co. Turns CryptoPunks Into $12.5M Luxury Jewelry Sale”

This was the headline on Aug 12, 2022 on the Blockworks platform. Tiffany partnered with an amazing team at the chain to create an NFT drop for CryptoPunks. They have created a redeemable NFT Chain / Necklace with 250 pieces in circulation.

Price was a bit steep, locking each NFT at 30ETH but considering it was targeted towards CryptoPunks community and Tiffany in general is a well established jewelry brand this was not surprising.

Why do I think Tiffany and the people behind it did an excellent job?

We have seen a lot of brands go with a principle, let’s sell 10,000 NFT’s, let’s create our own IP etc.. and some of those projects were good, while some did not flourish as much as somebody would hope.

Tiffany specifically targeted an existing community with a predominantly big amount of buying power within the web3 space (CryptoPunks Floor price being at 70eth at the time).

Moreover, they did not go into this without doing the research prior. Alexandre Arnault, EVP of Product and Communication at Tiffany posted a thread prior to the drop of the NFT collection to see if CryptoPunk community would be interested in purchasing something like this.

With the response being overwhelmingly positive they decided to team up with Chain and create NFTiff.

One other thing to note is that this NFT drop was specifically targeted towards CryptoPunks but not only as a community but also on the personal note since every single pendant created was 1 / 1 designed specifically for each of the CryptoPunks who bought the NFT.

To conclude, one of the most amazing brand / NFT Community bridges we have seen to date.