Tiffany sold out all its 250 NFT tokens in 20 minutes

Last Friday, American jewelry seller Tiffany & Co. sold out of all 250 NFTs in about 20 minutes. Each NFT was worth 30 ethers (ETH) or about $ 50,000. The total profit from the sale amounted to about $ 12.5 million.

It should be noted that Tiffany’s NFTs are called «NFTiffs». These are exclusive digital passes for CryptoPunk NFT holders that give them the right to turn their NFTs into a special pendant with precious stones. NFTiffs were developed by Chain, a blockchain company.

According to Tiffany’s website, those who have applied for NFTiffs must redeem their tokens by August 12. As for the custom-made pendants, buyers are expected to receive them early next year. If an NFTiff holder sells their token before the pendant is shipped, according to the terms of sale, they cannot receive the jewelry. The company notes that each customer was entitled to purchase a maximum of three NFTiffs.

Although Tiffany quickly sold out of NFTiffs, their current price has dropped and is now around 27 ETH or $ 46,000.

According to Chain CEO Deepak Tapliyal, Tiffany & Co. has a «clear and forward-looking vision» for web3. With NFTiffs, the company has «created a memorable piece of history,» Tapliyal wrote on Twitter.

It is worth reminding that after the presentation of the Tiffany themed collection, NFT sales increased by 248%.