Should Businesses Have an NFT Strategy? History Provides Some Clues.
Luxury powerhouse Tiffany & Co recently released and sold out a limited collection of 250 custom jewel-encrusted pendants for holders of CryptoPunks, each claimable through the purchase of an “NFTiff”, the jewelry retailer’s playful take on what otherwise is known as an NFT.
To be eligible to purchase a CryptoPunk NFTiff, interested buyers needed to already own one of the 10,000 original CryptoPunks (currently hovering between 75–78ETH range during the early days of August, 2022 — or approximately $125k-$135kUSD).
Priced at 30ETH a piece, NFTiffs raked in a cool $12.75mUSD (based on an average price of $1,700/ETH) for the American icon — who will now be on the hook for its 250 NFT holders to produce custom-designed pendants which match the CryptoPunks which they are currently holding.
While NFT mania has significantly died down from its 2021 highs, the promise and potential of NFTs continues to be explored — by both Web3 projects and established companies alike. Aside from Tiffany & Co, beverage behemoth Coca-Cola recently announced NFTs to be launched on Polygon, while sporting goods company Rawlings also has plans to introduce its entry into Web3 via NFTs.
All of this begs the questions — what’s the point of all of these releases? Should other…
