Jewellery firm Tiffany & Co. will be turning non-fungible tokens (NFTs) into custom pendants as it joins other luxury fashion houses attempting to establish a foothold in the web3 world.

The deal has currently only been finalised with CryptoPunk, and holders of those NFTs can turn them into custom pendants containing gemstones and diamonds.

According to Tiffany & Co., the 250 tokens are limited.

The luxury jewellery company announced that CyrptoPunk holders would have to buy one of 250 NFTiff passes by Chain from allowingill allow them to mint a custom pendant based on their NFT.

The company said that the sale for the NFTiff will begin on August 5, 2022 at 10:00AM EST for eligible users.

The price of one NFTiff is 30 ETH. It includes the cost of the NFT, the custom pendant, the chain and shipping and handling.

In terms of design, Tiffany furthermore added that designers would work with 87 attributes and 159 colours. They will appear across the collection of 10,000 CryptoPunk NFTs and match with similar gemstone or enamel colours.

It added that every pendant would include a minimum of 30 gemstones and diamonds with an engraving of the CryptoPunk's edition number.

Along with the physical product, a digital rendering of the pendant and a certificate of authenticity will be provided to the owners.

The campaign was first advertised in April after the company's vice president Alexandre Arnault turned his CryptoPunk #3167 into a pendant.