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ART & COLLECTABLES

The NFT-backed, limited-edition CryptoPunk pendants from Tiffany & Co.

Tiffany & Co., a high-end jewelry company, will soon start selling non-fungible tokens (NFT), which allow CryptoPunk owners to convert their NFT into a unique pendant adorned with diamonds and gemstones.

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The corporation revealed on Sunday that the 250 tokens are a part of a restricted edition marketing.

The company’s vice president Alexandre Arnault, who owns CryptoPunk #3167, turned his NFT into a pendant and uploaded it on social media in early April, sparking the campaign.

Holders of CryptoPunks will be able to buy one of 250 NFTiff passes enabled by Chain, a blockchain solutions provider, for Tiffany, up to three times per person, allowing them to mint a unique pendant based on their CryptoPunk.

The price of each NFTiff is 30 ETH, which covers the cost of the NFT, the personalized pendant, the chain, and shipping and handling.
Deepak Thapliyal, CEO of the chain, hinted at the change earlier this month on his social media.

According to the firm, Tiffany’s designers will use the 159 hues and 87 features present in the 10,000 CryptoPunk NFTs to match the most comparable gemstone or enamel color.

Each necklace will have at least 30 jewels and diamonds, and the back of each one will be engraved with the CryptoPunk’s edition number. A digital image of the pendant and an authenticity certificate will also be given to owners.

For those who qualify, the sale for the NFTiff will start on August 5, 2022, at 10:00 AM EST.
Tiffany & Co. has joined the plethora of high-end fashion brands making an effort to gain a footing in the web3 space and connect with a new generation of consumers with this move. It announced the release of TiffCoin as an April Fool’s joke before turning it into a real, limited-edition gold coin.

ART & COLLECTABLES

Fantagio, a K-pop agency, and Crypto.com launch a collaborative NFT venture

Local media reported that South Korean entertainment company Fantagio signed an MOU on Wednesday with cryptocurrency exchange Crypto.com to investigate non-fungible token (NFT) initiatives.

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Quick facts:

  • The agency for K-pop sensation BTS, HYBE, is collaborating with Dunamu, the Upbit exchange company, to introduce an NFT joint venture later this year.
  • According to CoinMarketCap, Crypto.com runs a global exchange for digital assets with trades totaling about US$397 million in the previous day.
  • The Aston Martin F1 Team, UFC, Snoop Dogg, and Boy George are just a few sports and entertainment entities with which the digital asset platform has partnered.
  • Fantagio’s announcement joins a growing list of K-pop management groups working with digital asset firms to expand into the Web 3.0 market.
  • KOSDAQ-listed Fantagio manages South Korean celebrities, including Cha Eun-woo and Ong Seong-woo, and K-pop idols groups like ASTRO and Weki Meki.

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ART & COLLECTABLES

Landmark NFT ETF Launched by KuCoin, Tracking Major Collections

Bitcoin exchange Through an Exchange-Traded Fund, KuCoin has begun to provide a fractional ownership of prestigious NFT collections.

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The new product offers five NFT ETFs, which KuCoin claims to be an industry first, to minimize the entry-level cost for ordinary investors.

NFTs from the Bored Ape Yacht Club collection is still selling for at least $144 000, despite blue-chip NFTs suffering losses in the current crypto market crash, while the floor price of another important collection, CryptoPunks, is $115721.

From inert to fungible
In partnership with Fracton Protocol, a business specializing in fractionalizing NFTs into fungible ERC20 tokens, the NFT ETFs are being made available. The exchange-traded fund tokens reflect a 1/1000000 ownership stake in the various NFT collections. HiBAYC will be the token that represents a fractionalized ownership of a Bored Ape Yacht Club token. At the same time, the tokens hiPUNKS, hiSAND33, hiKODA, and hiENS4 are present in the remaining four ETFs. The remaining collections are scheduled for later debuts, while the hiPunks collection will go on sale on August 2, 2022. Investors do not need to create an ETH wallet to trade ETFs in the stablecoin USDT.

Launched on Friday, July 29, 2022, the KuCoin NFT ETF.

KuCoin is not the first business to introduce an exchange-traded fund for nonfungible tokens. Defiance, a fintech company, announced opening a comparable marketplace in December 2021. This time, the ETF followed a collection of businesses with interests in the metaverse and the NFT industry.

Despite the winter, KuCoin advances.
The CEO of KuCoin recently had to address recent speculation about the exchange’s possible insolvency that was started by the now-deleted Twitter user 0tteroooo. The narrative was centered on the possibility of exposure to LUNA, a sister cryptocurrency to the defunct stablecoin TerraUSD. KuCoin has denied involvement with the bankrupt hedge fund Three Arrows Capital and cryptocurrency lender Babel Finance.

While companies like Crypto.com, Coinbase, and others have drastically reduced their workforces, KuCoin recently stated that it would hire up to 300 additional employees for compliance, marketing, design, and technical positions.

In May 2022, it completed a Series B investment round with $150 million, valuing the business at $10 billion.
In 207 nations, KuCoin provides spot trading, derivative trading, peer-to-peer services, staking, and lending. The Ontario Securities Commission prohibited it for breaking securities rules.

The company would constantly monitor the NFT market for upcoming NFT product releases, according to CEO Johnny Lyu.

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ART & COLLECTABLES

Top NFT Collections See Price Increase Following Latest US Fed hike

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As the US Federal Reserve (Fed) on Wednesday announced yet another rate hike in line with what the market was anticipating, floor prices of some of the most well-known collections of non-fungible tokens (NFTs) increased during the course of the previous day.

As of Thursday at 11:11 UTC, the NFT data provider DappRadar reported that the floor prices of the well-known NFT collections Mutant Ape Yacht Club, Bored Ape Yacht Club, Otherdeed for Otherside, and CryptoPunks had all increased by more than 17% in the previous day.

The Mutant Ape Yacht Club collection was the most bullish of the four, with its floor price rising by roughly 27 percent to USD 27,390 in the previous day, according to DappRadar. With a floor price of USD 115,860, up 23% during the same time period, CryptoPunks finished in second.

The lowest price an individual NFT from a collection is currently selling for is known as the collection’s floor price.

Trading volumes also grew little when prices did. Volume for the Mutant Ape Yacht Club collection increased sharply over the previous day by 139 percent, reaching USD 1.17 million. Bored Ape Yacht Club’s volume increased by 6% to USD 889,040, and Otherdeed increased by 14% to USD 777,630.

On the other hand, CryptoPunks was the only one of the four collections to experience a decline in trade volume. As of the time of writing, CryptoPunks’ volume had decreased by 30% during the previous 24 hours to USD 468,040.

The price of ApeCoin (APE), a cryptocurrency utilized by the Bored Ape Yacht Club and Mutant Ape Yacht Club community and a suitable proxy for the larger NFT market, also showed evidence of bullishness in the NFT market.

The coin, which is currently ranked 33 by market capitalization, had increased 14 percent in value over the previous day to reach USD 6.55 at the time of writing. The pricing indicates that ApeCoin has more than doubled in value since mid-June when it hit a low of USD 3.1. Additionally, APE is up 28 percent in a month and 11.4 percent in a week.

ApeCoin price past 30 days:

Source: Coingeko

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