Several BAYC and CryptoPunks collectors who put up their tokens as collateral backing for Ethereum loans have been unable to settle their dues. Crypto analysts believe this could mark the onset of the first major liquidation crisis in the NFT industry. BendDAO Loans and Possible Risks Rumors of a liquidation spiral began earlier this week following a post about NFT lending platform BendDAO. BendDAO is a web3 protocol that allows users to take out loans in Ethereum using their non-fungible…
American jewelry retailer Tiffany & Co. has partnered with blockchain firm Chain to offer CryptoPunk holders exclusive necklaces. The high-end jewelry brand revealed this news via a tweet on July 31.
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
NFTiff is a collection of 250 digital passes, which the firm is offering CryptoPunk holders. Each pass has a price tag of 30 Ether (ETH), and buyers can redeem their passes to get a custom-designed pendant that resembles their CryptoPunk. Additionally, Tiffany & Co. will offer buyers an NFT that resembles the final design of their necklace.
According to the FAQ section of the dedicated NFTiff website, each necklace will feature at least 30 gemstones and/or diamonds. The base material of the pendant will be either 18k rose or yellow gold. Tiffany & Co. decided to pair the pendant with an adjustable 18k gold chain with rectangular links.
The sale of the NFTiff passes is slated for August 5. Each CryptoPunk owner can purchase a maximum of three digital passes. Tiffany & Co. plans to send buyers a render of their chains by October.
CryptoPunks Continue Making a Comeback
Following this announcement, the trading volume of the CryptoPunks collection soared significantly. According to Cryptoslam, the collection’s volume surged by 731.04% over the past 24 hours to hit $2,245,998. Additionally, the collection’s floor price rose by 9.71% in the day to hit 74.89 ETH.
The collection’s resurgence started in June after Yuga Labs hired Christie’s Web3 expert Noah Davis as the Brand Lead of CryptoPunks. Soon afterward, CryptoPunk #4464 sold for a whopping 2,500 ETH, approximately $2.6 million at the time of purchase. This sale went down as the fifth-largest in the history of the blue-chip NFT collection.
I’m humbled and honored to announce I’ll be leaving my current post in July to steward the CryptoPunks as Brand Lead under the umbrella of @yugalabs before I say anything else it’s important to confirm what we WON’T be doing… simply put: I WILL NOT FUCK WITH THE PUNKS… 🧵👇🏻
— Noah (@NonFungibleNoah) June 19, 2022