Tiffany launches CryptoPunk pendants for Rs 4 lakh. Here's why it's so expensive

While CryptoPunk is limited in number, Tiffany has stated that it too woul limit its number of CryptoPunk-inspired pendant to 250. (Image credit: @dt_chain, @alexarnault/Twitter)

If you own CryptoPunk then for about Rs 4 lakh, you can be the proud owner of a handcrafted pendant modeled after your NFT from Tiffany & Co. for--wait for it--Rs 4 lakh.

The ornament will feature at least 30 diamonds and gemstones, will have an 18K gold chain with five diamonds on the clasp to go with it.

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— Alexandre Arnault (@alexarnault) April 29, 2022

CryptoPunk, aka the pixelated avatars consists of 10,000 uniquely generated characters, the average cost of each being around Rs 1.5 crore. No two avatars are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain. It is also one of the earliest examples of  a "Non-Fungible Token" on Ethereum.

According to Larva Labs, they could originally be claimed for free by anyone with an Ethereum wallet and after all 10,000 of them were quickly claimed, now, the CryptoPunk must be purchased from someone via the marketplace  embedded in the blockchain.

While CryptoPunk is limited in number, Tiffany has stated that it too would limit its number of CryptoPunk-inspired pendant to 250.

We’re taking NFTs to the next level. 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. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4

— Tiffany & Co. (@TiffanyAndCo) July 31, 2022

Describing how the pendants will be designed, Tiffany said in a statement, "Tiffany & Co. designers will interpret each CryptoPunk into custom-designed pendants – converting the 87 attributes and 159 colors that appear across the collection of 10,000 CryptoPunk NFTs to the most similar gemstone or enamel color."

"Depending on which CryptoPunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art. Examples of gemstones include but are not limited to Sapphires, Amethyst, and Spinel."

The sale of the pendants will begin on August 5.