Tiffany & Co. is taking non-fungible tokens (NFTs) into the physical realm with a pricey new necklace offered exclusively to holders of CryptoPunks art, a set of pixelated-looking avatars that have become popular in cryptocurrency-adjacent circles.
For around $50,000 (30 Ethereum), owners of these NFT artworks can pay to have a hand-crafted diamond-encrusted pendant made of their avatar, which is likely worth more than the jewelry itself at prices upwards of $124,000. The iconic jeweler’s latest foray into the high-end NFT world comes as the market for such digital collectibles has been on the decline for months amid flux in the greater cryptocurrency space.
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