Tiffany’s launch boosts CryptoPunk Ethereum NFT sales by 248 percent

According to CryptoSlam data, the CryptoPunks NFT collection’s sales volume has increased by more than 248 percent in the previous 24 hours, owing to an unique offer from legendary luxury jewelry and specialty shop Tiffany & Co. for CryptoPunks NFT holders.

“We’re taking NFTs to the next level,” Tiffany wrote on Twitter on Sunday. “Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant.”

The offer to CryptoPunk holders coincided with the announcement of Tiffany’s new NFTiffs line, a collection of 250 digital passes issued by Tiffany & Co. that CryptoPunk holders can redeem for a bespoke pendant and an NFT in the likeness of the holder’s CryptoPunk.

The CryptoPunk pendants will be made of 18k rose or yellow gold, depending on the NFT’s color palette.

Tiffany claims the NFTiffs NFTs will be available on August 5th, with a floor price of 30 ETH, or around $50,000 at the time of writing.

According to CryptoSlam, the CryptoPunk collection has sold 1279 ETH, or around $2.16 million, in the last 24 hours. According to NFTPriceFloor, the previous 24-hour period witnessed only 123 ETH, or around $200,000 in sales.

CryptoPunks, developed by Larva Labs, are a collection of 10,000 photos tokenized as NFTs on the Ethereum blockchain. An NFT is essentially a digital or physical deed of ownership.

According to CryptoSlam, the most recent sale of a CryptoPunk was for 78 ETH, or about $131,000, which is on the low end of a market that has seen a CryptoPunk NFT trade for 2691 ETH, or about $3.3 million, last month.

Yuga Labs, the inventor of the Bored Ape Yacht Club, purchased the CryptoPunks IP earlier this year, in March, for an undisclosed sum.