CryptoPunks trading volume surges 2,000% after Tiffany & Co announcement. Since the brand dropped the news, the community has been buzzing about NFTiff, Tiffany & Co’s new NFT collection.
Rise in Trading Volume
Not long after Tiffany & Co announced on Twitter regarding creating limited-edition pendants for CryptoPunk holders, the CryptoPunks collection surged by 2,000% within 24 hours, a large increase compared to the trading volume from the previous day. According to OpenSea, CryptoPunks also saw 1,400 ETH (approximately $2.3m) in sales within 24 hours. This surge in price was reportedly caused to the hype surrounding the Tiffany & Co announcement.
🗣️Data from @opensea shows that the trading volume of @cryptopunksnfts has reach 1,114 #ETH in 24 hours with a high increase. @TiffanyAndCo announced their partnership and the holders will have great superise on 8/15.🐵🙈🙉🙊 #NFTs pic.twitter.com/glybFh2YYP
— CoinTR🇹🇷Gizem (@aboutCoinTR) August 2, 2022
The floor price for the CryptoPunks collection is currently sitting at around 74.5 ETH (around $125,000), the lowest price in the open market. This is, however, still a much lower floor price than the collection’s yearly high of 83 ETH (around $135,000) on 16 July.
About The Collab With Tiffany & Co.
On July 31st, Tiffany & Co. announced on Twitter their new NFT project, NFTiff. This project includes 250 digital passes created by Tiffany & Co. that will allow CryptoPunks holders the chance to turn their NFTs into a pendant for 30 ETH, handcrafted by Tiffany & Co’s artisans. Each of these pendants will consist of diamonds and gemstones that recreate the traits of the CryptoPunks holders’ own NFT.
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
This project however, received mixed reactions from the community. Some in the community have complained that the mint price of 30 ETH is way too high while others say that the high price is acceptable due to Tiffany & Co. being a luxury brand. The current surge of CryptoPunks’ trading volume however, seems hints that people in the community are more excited about this project than originally thought.