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More than $12.5 million in profit for Tiffany & Co. from NFT sales

More than $12.5 million in profit for Tiffany & Co. from NFT sales

Tiffany & Co., the renowned jewelry company, announced on August 5 that its NFT mint, “Nftiff,” had sold out. Over 250 Nftiffs were sold at 30 ETH each.

More than $12.5 million in revenue was reported by the corporation. Meanwhile, the deadline for redeeming NFTs is August 12th. A total of 94 Nftiffs have been cashed in so far.

NFTs from Tiffany & Co.’s mint were a complete sellout.

Reports surfaced last week indicating that the high-end jewelry maker would introduce an NFT codenamed Nftiff. The NFT technology is combined with high-end jewelry to create a brand new product.

According to the manufacturer, all 250 of their NFTs have already been purchased. The NFTs, meanwhile, were decked out with various jewels, such as Spinels, Amethysts, and Sapphires.

In addition, on August 5th, each NFT was sold for 30 ETH, or around $50K. Over $12.5 million was made through the sale of NFTs.

If you missed out on Friday’s launch, you’ll have to wait until the next mint, the business says. Meanwhile, information gathered by Dune Analytics showed that only 94 NFTs had been redeemed by users.

So yet, only 73% of holders of Cryptopunk NFTs have cashed them in. Tiffany informed customers on the day of the sale that they could choose their favorite Cryptopunk and the company will create a pendant in its likeness.

Nftiff Traded at Discounted Rates on the NFT Secondary Markets

Several people who owned NFT pendants have apparently now dumped them for a loss. As reported by cryptoslam.io, Nftiff has seen massive trading activity in just one week, both in its primary market and in secondary markets on other exchanges.

According to Cryptoslam.io, there have been more than 299 transactions from roughly 182 owners. More than forty-eight operational digital wallets are now holding Nftiffs.

Cryptoslam.io and nftgo.io, two NFT measurement platforms, both reveal that some holders are willing to sell at a cheaper price. Keep in mind that the NFTs cost them both 30 ETH.

The price of an NFT has dropped to roughly 27 ETH, with some sellers even willing to go down to 27.5 ETH. This indicates that some NFT holders have dumped their holdings onto secondary NFT marketplaces at artificially low prices.

For 27 ETH, or roughly $46K, many users have recently parted ways. While that was happening, today’s prices went back up to 30 ETH. However, the motivations of the individuals who sold their NFTs at a discount remain unknown.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.