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Tiffany & Co. Makes Over $12.5M From NFT Sales

On the 5th of August, Tiffany & Co, a famous jewelry retailer, stated that its NFT mint, “Nftiff,” had sold out. The company sold over 250 Nftiffs at 30 ETH per NFT. 

According to the company’s report, it generated over $12.5 million as revenue. Meanwhile, users have to redeem the NFTs by the 12th of August. The number of Nftiffs that have been redeemed so far is 94.

Tiffany & Co. Sold Out Minted NFTs

Last week, reports revealed that the luxury jewelry company would launch an NFT dubbed Nftiff. This new product combines both luxury jewelry and NFT technology.

The company produced 250 NFT units which have sold out according to the company. Meanwhile, the NFTs had different gemstones, which included Spinel, Amethyst, and Sapphires.

Additionally, each NFT was sold for 30 ETH or about $50K on the 5th of August. The total amount of NFTs sold was over $12.5 million.

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According to the company, those who could not buy during Friday’s launch would have to wait till the next mint. Meanwhile, data from Dune Analytics revealed that users had redeemed only 94 NFTs.

Only 73 Cryptopunk NFT holders have redeemed their NFTs so far. On the day of the sale, Tiffany told users to select the Cryptopunk of their choice, and the company would make a pendant like it.

Nftiff Sold For Lower Prices On Secondary NFT Markets 

Unfortunately, several holders of the NFT pendants have resold them at a loss. According to cryptoslam.io, the primary sales of the Nftiff and the secondary sales on other marker has witnessed huge sales volume in one week.

Cryptoslam.io revealed that there have been over 299 transactions from about 182 owners. Also, the Nftiffs have been stored on over 48 active digital wallets.

However, data from NFT metrics platforms, nftgo.io, and Cryptoslam.io showed that some holders are ready to sell at a lower price. Recall that they both the NFTs at 30 ETH each.

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The sale of the Nftiffs has dipped to about 27 ETH, while some are ready to sell at 27.5 ETH per NFT. This shows that some holders have sold their NFTs for lower prices on secondary NFT markets. 

Several users have sold for 27 ETH, which is about $46K. Meanwhile, today’s prices have increased back to 30 ETH. However, it is unclear why several users sold their NFTs at a lower price.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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