ProductSep 21, 2022
How an Iconic Jewelry Brand Became Infinite on the Blockchain Through A Strategic Partnership with Chain
World-Renowned Jewelers Sold Out 250 NFTs Priced at $50,000 Within Minutes
For nearly two centuries, our partner has been the leading design house in luxury retail. The traditional North American jeweler, renowned for its artisanship, is at the forefront of innovative design, handcrafting the finest pieces for high-end clients around the world. The company’s Executive Vice President of Product and Communication, is known for taking a forward-thinking approach for the brand, by developing next-generation products for his clientele. He demonstrated his enthusiasm for the crypto community earlier this year, by collaborating with the leading blockchain software solution company Chain, to release a 1/1 pendant for one of the most coveted NFT collections: CryptoPunks.
The creation of ‘NFTiff’ was conceived on Twitter, when the luxury brand’s executive leadership shared a photo of his CryptoPunk #3167 in the form of a gold pendant, encrusted with hand-selected diamonds. In April, his Twitter followers saw his pixelated CryptoPunk in a knitted hat and 3D glasses transform into a rose gold and enamel pendant, embellished with Sapphire and Mozambique baguette Ruby glasses, with a yellow diamond earring to match. Crypto Twitter was entranced by this creation and urged the brand’s executive to make this product available to CryptoPunk holders. The luxurious pendant sparked a lot of interest in the space, and many members of the CryptoPunks community were eager to see their NFT come to life in the form of a timeless pendant.
This piqued the interest of Deepak Thapliyal, CEO of Chain, who shared a mutual interest in the physical CryptoPunk pendant and wanted to help the luxury brand deliver this project. Thapliyal, an avid NFT collector, made headlines earlier this year after purchasing one of CryptoPunk's most valuable works of art. Due to its rare alien trait, CryptoPunk #5822 was purchased for 8,000 ETH ($23.5 million) by the esteemed Web3 entrepreneur.
Together, both leaders in their respective industries decided to join forces to release a product designed specifically for CryptoPunk holders and the NFT community. Chain provided its expertise in the blockchain space to guide the global jeweler into their first launch into the NFT space.
How to Connect a Traditional Luxury Brand with Emerging Technologies
Introducing a timeless brand into a new age of technology can be daunting. How does a two century year old brand properly navigate the NFT community and sell out their product instantly, without backfiring?
From a supply and demand standpoint, this project had to be fairly priced and provide scarcity and value to the NFT community. Many NFT projects flop without a solid roadmap. But NFTiff was different; Chain collaborated with the Tiffany team to collect and analyze data to determine how many NFTiff pendants should be produced and at what appropriate price point.
Our retail partners were able to focus on the artisanship of their Cryptopunk-inspired pendants by relying on a capable partner like Chain. Meanwhile, Chain executives could concentrate on generating massive media attention surrounding the NFTiff project, while portraying it favorably on social media. Deepak Thapliyal, CEO of the Chain, leveraged his notoriety and influence in the NFT community to bring the NFTiff project to the attention of his intended audience. Thapliyal had his rare Alien Punk transformed into an iconic gold and enamel pendant, which was used to announce the NFTiff project on July 31st.
Navigating blockchain technology was another obstacle our partner had to overcome. As the world is slowly becoming more aware of this revolutionary technology, an established brand with eyes all over this project, required access to a sophisticated blockchain software system to guarantee a secure and cashless payment method for its customers. Chain provided the our partner’s team with a full suite of end-to-end software services to ensure the projects purchase and minting went smoothly for its customers.
Chain powered the NFTiff Gateway, allowing 250 CryptoPunk holders to connect their wallets and purchase an NFTiff pass for 30 ETH, which became accessible to the general public on Friday, August 5th. The NFTiff Gateway's simple user interface guided Cryptopunk holders through the process of linking their wallets containing the artwork they wanted immortalized, as well as completing a secure, and encrypted KYC process.
Managing the Pre-Sale Launch
On August 3rd, two days before the public launch, 100 hand-picked CryptoPunk holders were selected to mint an NFTiff Pass.
During the presale, the blue-chip NFT holders were catered to by Chain's live concierge services, who assisted them in redeeming their NFTiff passes. These team members walked each whitelist holder through the process of securely connecting their wallets, completing a KYC process, and choosing which CryptoPunk they wanted immortalized on a our partner’s timeless pendant. Chain's team worked around the clock to serve customers in various time zones and made the process of claiming a NFTiff as simple as possible. They were on standby 24/7 to assure each customer was satisfied and every question or concern was formally addressed.
Twitter’s Speculation Leading Up To NFTiff’s Public Sale
The global luxury retailer’s entrance into the NFT space elicited a strong reaction. With over a million active users on OpenSea, there will undoubtedly be speculators surrounding the project. However, with over 1.65 billion total viewership impressions in the media, NFTiff sparked conversations far beyond the NFT community's reach. Multiple Twitter accounts predicted that the project would fail and that it would never sell out as quickly as expected.
Within minutes of the launch at 10 a.m. EST on Friday, August 5th, an additional 150 pendants were successfully minted. Every CryptoPunk owner was able to conveniently access the NFTiff Portal and connect their wallets and mint within minutes. Many CryptoPunk owners were ecstatic to share screenshots of their newly minted passes on social media.
Delivering Tailored Solutions
Deploying A Full Suite of Services from Concept to Deployment
The iconic brand benefited from Chain's end-to-end services, which included a full suite of deployment and operational support. For several months, both teams worked side by side to conceptualize the NFTiff project. Chain’s team conducted thorough market research to secure an appropriate price-point for the NFT and pendant as well as identify market opportunities for the project to present to our partners strategic team.
After developing a solid strategy that coincided with our client’s interests, a team of designers from Chain presented their client with a selection of design studies and prototypes for the 250 CryptoPunks that are onboarding to the NFTiff Gateway.
Chain powered the blockchain infrastructure necessary to deliver the NFTiff project, as well as onboarding all 250 CryptoPunk holders to redeem an NFTiff pass and mint their pendants in the ‘NFTiff Gateway’. After Chain’s team of blockchain engineers built the NFTiff Gateway on top of the Ethereum Network, specialized website designers ensured that the Gateway was usable and accessible to customers around the world. Once final revisions were made, the program was prepared for launch.
Chain worked closely with the brand’s marketing team to ensure that all delivery dates and official statements for the program’s launch were consistent. The head of both brands coordinated executive marketing campaigns, while the analytics surrounding the project on social media were closely monitored. Marketing engagement for this project was a top priority, as global news outlets were covering this exclusive launch hours after the news of this collaboration was announced on Twitter.
Chain deployed a dedicated team of expert support specialists to assist any customer that had questions or curiosities surrounding the exclusive sale throughout the pre-sale and public launch.
From a logistics perspective, NFTiff’s were managed through Sequence, a Ledger-as-a-Service product supplied by Chain. Sequence handled the project's secure payment processing as well as inventory management for the client. Extensive security protocols were implemented to ensure the encryption of the NFTiff Gateway, and the collection of user data through the power of blockchain technology.
Ongoing Assistance, From Start to Finish
Chain team members will provide ongoing site maintenance and user support to ensure the NFTiff product is delivered seamlessly and on schedule. NFTiff holders with any concerns or discrepancies regarding their purchase will be assisted by a team of customer support specialists to resolve any delicate matters.
The selected CryptoPunk series number will be inscribed on the opposite side of the luxury diamond and gold pendant after the NFTiff pass is redeemed. NFTiff redeemers will receive real-time updates on the progress of their pendant's manufacture. Buyers will be contacted when their pendant has been delicately assembled and is ready for shipment.
Several artisans at the iconic design house will handcraft each pendant within a five-month creation process that includes 3-D modeling, casting, enameling, diamond-setting, polishing, and pendant assembly. Each pendant will be suspended from an 18k gold adjustable chain with rectangular links inspired by the CryptoPunks NFT's square pixels.
250 NFTiff Passes Valued at 7,500 Ether ($13.5 Million) were sold out and minted in 22 minutes.
Members of the CryptoPunks community had a once-in-a-lifetime opportunity to bring their NFT artwork to life in the form of a gold and enamel collectable pendant adorned with diamonds and rare gemstones. Our luxury retail partner scaled an instant sellout project through seamless user onboarding and logistics management enabled by a strategic alliance with Chain, the industry leading blockchain solution company.
On Sunday, July 31st, after the initial announcement for this release was made public via Twitter, ‘NFTiff’ was trending worldwide for hours, with more than 110,000 tweets and mentions circulating with news of this launch.
The presale began on Wednesday, August 3rd which onboarded 100 whitelisted individuals to the NFTiff Gateway. Two days later, an additional 150 NFTiffs were minted when the Public Sale launched, leading to an immediate sellout of each NFTiff, priced at 30 ETH a piece.
Public Sale Outcome
After the strategic leaders in luxury and blockchain joined forces to publicly release “NFTiff” in response to the community's demands, the remaining 150 pendants sold out in 22 minutes.
Pendants will be delivered to CryptoPunk holders by early 2023, in an iconic signature blue box along with a certificate of authentication. The NFTiff is a digital representation of the actual pendant that Chain will design and deliver to each holder by December 2022. The NFTiff pass must be redeemed by August 12th, and a final rendering of the grandeur pendant will be sent out to buyers this October.
NFTiffs are immutable proof that a project that provides scarcity and real-world utility can prosper and sell out in minutes, regardless of speculation or market conditions. Following the announcement of NFTiff, the CryptoPunks community witnessed an 1847% surge in trading volume due to the excitement surrounding the release.
“It was exciting to collaborate on such a historic project with timeless brand with deep global influence. The fact that the project sold out in minutes was a bold statement for the NFT community. NFTiff was an essential first step toward attracting more retail brands to the Web3 space.”
Deepak Thapliyal, CEO of Chain
Partner with Chain for Your Next NFT Launch
Launch Your Dream NFT Collection Seamlessly with ChainNFTs
Chain’s NFT-as-a-Service can be utilized by a wide variety of brands, creatives and enterprises. Learning to leverage NFTs can enhance your existing business, and expose your brand to new and exciting emerging industries. Our service enables any organization globally to launch their own branded and customized NFT collection. Chain offers assistance for the design, development, compliance, sales, and utilization of the NFT project, as well as continuous support post-project launch, through an all-encompassing solution delivered by a team of specialists.
Clients are provided with access to manage all transactional data and customization of the smart contract when deployed on the client's preferred public network bridge, powered by Sequence, our Ledger-as-a-Service.
ChainNFTs serves as an entry point for showcasing your dream project with a team of expert NFT professionals by your side. Explore the world of NFTs at https://www.chain.com/enterprise/nft.
Chain is a blockchain infrastructure solution company that has been on a mission to enable a smarter and more connected economy since 2014. Chain offers builders in the Web3 industry services that help streamline the process of developing, and maintaining their blockchain infrastructures. Chain implements a SaaS model for its products that addresses the complexities of overall blockchain management. Chain offers a variety of products such as Ledger, Cloud, and NFTs as a service. Companies who choose to utilize Chain’s services will be able to free up resources for developers and cut costs so that clients can focus on their own products and customer experience. Learn more: https://chain.com.
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