Tiffany & Co., which is well-known as a jewelry retailer, announced on August 5 that its NFT mint called “Nftiff” had completely sold out. The price of each NFT was set at 30 ETH, and the company was able to sell over 250 of them.
According to the report that was provided by the company, the amount of revenue that was generated was greater than $12.5 million. In the meantime, customers have until the 12th of August to redeem their NFTs. There have been 94 redemptions of Nftiffs thus far.
Tiffany & Co.’s Minted NFTs Sold Out
The previous week, it was reported that a luxury jewelry company would soon introduce an NFT that would be known as the Nftiff. This innovative item combines high-end jewelry with Near Field Communication (NFT) technology.
According to the company, all 250 NFT units have been purchased, making the production of these tokens a complete success. During this time, the NFTs were equipped with a variety of gemstones, including Spinels, Amethysts, and Sapphires.
Additionally, on August 5th, each NFT was sold for a price of 30 ETH, which was equivalent to approximately $50,000 USD. The total amount of money generated from the sale of NFTs was greater than $12.5 million.
Those individuals who were not able to make a purchase during the launch on Friday will reportedly be required to attend the subsequent mint. In the meantime, information obtained from Dune Analytics revealed that users had only redeemed 94 NFTs.
To this point, only 73 Cryptopunk NFT holders have cashed in their tokens for cryptocurrency. On the day of the sale, Tiffany told customers that they could choose any Cryptopunk they wanted, and the company would create a pendant that looked just like it.
On secondary NFT markets, Nftiff was sold for prices that were lower than expected.
Unfortuitously, a number of people who owned NFT pendants have since resold them at a lower price. According to the information provided by cryptoslam.io, both the primary sales of Nftiff and the secondary sales on other markers have experienced a significant increase in sales volume in the span of just one week.
According to the findings of Cryptoslam.io, there have been over 299 transactions from approximately 182 owners. Additionally, the Nftiffs are held in over 48 active digital wallets.
However, information obtained from NFT metrics platforms such as Cryptoslam.io and nftgo.io revealed that some holders are willing to sell their coins at a price lower than the current market price. To refresh your memory, the NFTs for both of them were priced at 30 ETH each.
The price of an NFTiff has dropped to about 27 ETH, and some sellers are ready to accept 27.5 ETH for each NFT they sell. This demonstrates that some holders have sold their NFTs on secondary NFT markets for prices that are lower than what they had originally paid for them.
Several users have sold their tokens for 27 ETH, which is equivalent to approximately $46 thousand. In the meantime, the cost of one Ethereum has climbed all the way back up to 30 dollars today. On the other hand, it is not clear why a number of users sold their NFTs at a lower price.