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Tiffany & Co. teases NFT drop, custom CryptoPunk pendants

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Yahoo Finance anchors discuss luxury jeweler Tiffany & Co. diving into the crypto world.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: Welcome back, everyone. Time for Cut For Time, three stories, one minute each. We start with this. Luxury jeweler Tiffany & co is teasing an F Tiff. This is an exclusive NFT drop, most notably for CryptoPunks NFT owners. Now, buying a digital pass allows the holder to redeem it for a digital pendant that then matches the likeness of a CryptoPunk NFT. CryptoPunk holders will be eligible to redeem the pass for a physical pendant.

Some of the other details on this because it has a hefty price tag as well here. 250 NFTs going to be minted. Each costing around 30 Ethereum. Yes, you heard that correctly, 30 Ethereum. Now, that's about $50,000 in Fiat currency here.

[LAUGHTER]

Nope, not a buyer?

BRIAN SOZZI: Julie, take it away. [LAUGHS]

JULIE HYMAN: I will-- I don't even know what to say to this.

BRAD SMITH: Your really want to have a CryptoPunk pendant, like you know, Kanye has this Jesus piece, other people would have their--

BRIAN SOZZI: You know, the funny thing is-- or interesting thing, when LVMH closed this deal for Tiffany for $16 billion, I don't think NFTs were a thing. So maybe they're just looking for all ways to try to extract value from that big, splashy purchase.

JULIE HYMAN: Yeah, I don't-- I just, why? why?

BRAD SMITH: Why for a lot of them.

BRIAN SOZZI: I want them to make better watches. I mean, their watch section is terrible. I mean, they've been really underperforming watches for so long. Do a better job there first before getting into NFTs.

JULIE HYMAN: You can just get a virtual crypto watch.

BRIAN SOZZI: Oh, yeah, yeah, I'm on it. All right.