NFT Weekly: Miami and Tiffany’s Push Past Digital Artwork

Miami’s crypto enthusiast mayor, Francis Suarez, has announced what promises to be (or at least he hopes will be) a fairly high-profile non-fungible token (NFT) project. Featuring 5,000 NFT designed by 56 local artists — the city has plenty in its 56 square miles — the project is intended to keep the city “on the vanguard of the Web3 revolution,” he said on July 28.

If it sounds like the trend toward NFT adoption pitched as a Web3 strategy is in fine form, you’re probably right.

See more: Since When Is Dropping an NFT Care Bears Collection a Web3 ‘Strategy’?

Buyers will get more than just the digital artwork. The tokens will grant special access to Mastercard’s Priceless Miami program, like “one-of-a-kind events at local Miami restaurants to curated, unforgettable private tours of Miami cultural institutions.”

The Ethereum-minted NFTs will launch in December after the No. 2 blockchain merges onto its more eco-friendly proof-of-stake Ethereum 2.0, and they have plenty of corporate backers: Time, which recently “evolved” into the “Web3 space” according to its president, Keith Grossman; and Salesforce, which will mint and sell them through its new NFT Cloud, are involved in the pilot.

My Huckleberry CryptoPunk

Tiffany & Co. has jumped into the NFT market with NFTiffs, a collection of digital artwork and real-life jewelry inspired by the seminal 8-bit CryptoPunks.

While anyone can buy an NFTiff — for 30 ETH, around $50,000 at this writing — people who own CryptoPunk NFTs can redeem them for a customized a gold, lacquer and gemstone pendant of it.

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

CryptoPunk trading volume on top NFT marketplace OpenSea surged nearly 1,850% on Monday (Aug. 1), when the announcement was made, according to Cointelegraph.

See also: Tiffany NFTs to Hit the Market at $50K

With a limited run of 250, and 10,000 CryptoPunks, it does sound as though there may be a substantial secondary market of people betting that an owner of one of the real CryptoPunk NFTs, which begin above $100,000 and have sold for as much as $3.3 million as recently as last month, will be willing to fork over even bigger money for a piece of jewelry in one of Tiffany’s famous blue boxes.

That said, there’s a presale whitelist, so even if you’re willing to shell out $50,000, you might not be able to get your hands on one.

Amex Talks Turkey

As part of an $8 million venture round, musician- and athlete-focused, green NFT platform OneOf is providing American Express — an investor — with a collection of tokens by well-known Turkish artist Selay Karasu for attendees of a pop-up event for card members: the American Express Summer in Color Oasis, at the Mandarin Oriental hotel in Bodrum, Turkey.

The Currency

The year is over boom 💥 that was quick! and we have all had to decide: NFT or physical? The final numbers are: 5,149 physicals and 4,851 NFTs (meaning I will have to burn 4,851 corresponding physical Tenders). pic.twitter.com/xCUJ0gviZ0

— Damien Hirst (@hirst_official) July 27, 2022

Burn Baby, Burn

Damien Hirst, the ’90s “enfant terrible” known for floating sharks and other animals in formaldehyde, is about to follow through on his pledge to burn thousands of his dot paintings that were sold in 2021, with the buyer able to choose either the physical art or an NFT digital representation, with the other version burned. Slightly less than half of the buyers — 4,851 — opted for the NFTs, so the paintings will go up in smoke.

Read more: NFT Series: From Famous Artists to Forgers, the Art World Embraces NFTs

Muse ‘Will’ NFTs

Muse’s ninth studio album, “Will of the People” is set to be sold as an NFT on Serenade, an eco-friendly NFT platform focused on music, Decrypt reported. The band, which won Best Rock Album Grammys in 2011 and 2016, will release their Warner Records album on Aug. 26 in a variety of other formats as well. It isn’t the first release of an album on NFT, but if it proves a hit, it could expand the use of NFTs as a music media format.

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