No, you haven’t gotten punked.

Tiffany & Co. will now flip CryptoPunk non-fungible tokens (NFTs) into customized pendants — to the tune of $50,000.

The jewellery firm introduced its newest NFT endeavor — dubbed NFTiff — on Sunday when additionally they revealed prospects might rework their CryptoPunk NFTs into their very personal “bespoke pendant handcrafted by Tiffany & Co artisans.”

Launching in three days, NFTiff is a “collection of 250 digital passes,” in response to the corporate’s new web site particularly designed for the venture. Since the utmost variety of pendants is 250, prospects are capped at buying three.

Each pendant shall be interpreted by a Tiffany & Co. designer and produced utilizing gem stones and enamel.Tiffany & Co.

The items are unique to holders of CryptoPunk NFTs, of which there are 10,000 out there on the Ethereum blockchain. Each 24×24 “pixel art image” is generated algorithmically, in response to the founders at Larva Labs.

A gem-encrusted pendant from Tiffany & Co. will price 30 ETH, or almost $50,000, which incorporates the creation of the piece in addition to the transport and dealing with.

NFTiff costs 30 ETH The luxurious jewellery model will solely be supplying 250 pendants for almost $50,000 a pop.Tiffany & Co.

Each pendant will encompass gemstone and enamel that can carefully mimic the 87 attributes and 159 colours that seem in CryptoPunk NFTs. Depending on who purchases the pendant and which NFT they personal, Tiffany & Co. designers will use some 30 gem stones and/or diamonds to craft the customized pendant, producing a render for the shopper by October.

But shoppers might have to attend till 2023 to obtain the bodily pendant, the location says, however the digital copy shall be out there as quickly because it’s completed.

As for the announcement on Twitter, some customers appeared thrilled on the prospect of the most important luxurious jewellery model cashing in on the NFT fad, whereas others weren’t too eager on the stylish tokens.

Tiffany and Co NFTThe firm is the newest model to money in on the crypto craze and craft NFTs.Tiffany & Co.

“This is a bold move for @TiffanyAndCo, and even if it’s outside of your price range, it’s a huge win for NFTs. This is one of the top luxury/jewelry brands in the world…it’s a big deal and brings in new interest on both sides of the fence,” tweeted one crypto fanatic.

“This is the coolest thing ever,” one other consumer gushed.

Tiffany and Co NFTThe announcement comes after the crypto and NFT market plummeted this summer time.Tiffany & Co.

“Dear God, now these people are gonna signal to this as a sign of how ‘real’ and ‘important’ NFTs are, as if this isn’t just a sucker money grab,” chided one critic.

“PSA guys… If you’re getting your girl something nice in a blue box for the first time & this is what’s inside, it’s probably not going to go over as well as you hope,” quipped another person.

Tiffany and Co NFTThe enamel, in response to the web site, shall be made out of 18k rose or yellow gold, relying on the NFT.Tiffany & Co.

While Tiffany & Co. is likely to be the newest main model within the NFT sphere, they aren’t alone. Coca-Cola, Adidas and Mac Cosmetics are amongst the most important labels cashing in on the crypto craze — but actually solely interesting to those that can afford it.

Justin Bieber bought a Bored Ape NFT earlier this yr for $1.29 million, whereas different A-listers crafted their very own tokens for some additional dough. Madonna’s full-frontal NFTs — which bought for greater than $100,000 every — and a token of EDM musician Diplo are the newest movie star NFT collectors have fought over.

Along with the crypto reputation — which boomed as folks grew tired of their stimulus examine money — got here the rise of NFTs into the mainstream, however the area of interest, considerably profitable ardour venture for a lot of turned bitter this yr, because the unstable crypto market faltered.

In June, Bored Apes’ “price floor,” or lowest asking worth for any of the gathering’s NFTs, dropped under $100,000 — and stays that manner — a stark distinction to April, which rang in at $400,000.

The crash comes as crypto price plummeted this summer time, prompting consultants to query the unsure way forward for cryptocurrency and NFTs.