Anything linked to the Yuga Labs-owned Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) seems to be getting unhindered interest and big fashion brands like Tiffany seem to be on the receiving end.
The proposed NFTiffs pendant announced by Tiffany earlier this month has been completely sold out as more investors look to dip their toes into the BAYC ecosystem in general. The total NFTiffs were 250 and each goes for a whopping price of $50,000 according to Tiffany, these priced assets were scooped up in just about 20 minutes.
— Tiffany & Co. (@TiffanyAndCo) August 5, 2022
From the tweet, it is glaring that Tiffany plans another round of minting for the NFTiffs, however, the timing and modalities have not been revealed.
While Tiffany is a piece of known jewelry and fashion brand, its pricing largely covers products that can be acquired by customers of varying economic classes. The shift into the NFT and Web3.0 world has, however, proven to be designed exclusively for High Networth individuals (HNIs).
The Bored Ape Yacht Club which the pendants were modeled after represents the most iconic or valuable of NFT collections and with the plans to continually add value to its ecosystem by Yuga Labs, the digital collectibles have attracted high valued collectors spanning both the Web2.0 and Web3.0 world.
Launches related to the NFT pendants were doubly promoted by Tiffany and its co-founder, further driving the interest across the board.
Competing Web3.0 Push by Fashion Brands
With the Web3.0 world coming off as an avenue to give fans more ways to engage with their favorite fashion brands around the world, different fashion outlets have been designing a formidable Web3.0 strategy.
From Gucci accepting crypto payments with ApeCoin being the most recently added to Lacoste and Salvatore Ferragamo launching their own digital collectibles, the creative ways firms are exploring to gain customers’ interest are currently being diversified but with the central goal of carving out a unique niche in the emerging Web3.0 ecosystem.