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Tiffany & Co. has marked its entrance into the metaverse with the acquisition of the Okapi NFT from Tom Sachs: Rocket Factory. The brand made the announcement this week, on March 26, 2022, and finally unveiled the final attribute on Monday, March 28, 2022.
3 things to know about Tiffany & Co.'s NFT venture
1) Tiffany is making a debut in the metaverse
The LVHM-owned iconic jewelry brand, Tiffany &Co., announced it's arrival in the NFT world earlier this week on March 26, 2022. The tweet continued in a series where the label announced that they will be acquiring Okapi NFT from Tom Sachs: Rocket Factory.
The tweet read,
"We are excited to continue our long-standing partnership with @tom_sachs, who has a history of creating art around our brand."
They further continued the thread with their understanding of the NFT world and how it will be an evolution of fine art with a bright future ahead.
2) The cost of the Rocket Factory NFT was around $380,000 USD
The OpenSea, NFT marketplace revealed in a press release on March 21, 2022 that the Okapi NFTs were sold at a price of 115 ETH (Ethereum) which is equivalent to approximately $380,000 USD, considering 1ETH costs more than $3000 USD. To make the announcement even more impactful, Tiffany & Co. further pinned the official tweet and also changed their Twitter avatar to the NFT PFP, which contains a co-branding of Rocket Factory graphic and Tiffany's logo.
3) All about Rocket Factory
Tom Sachs launched the Rocket Factory in August 2021, and in this program, the rocket consists of three parts in the form of an NFT component: the head, trunk, and tail. Once a person collects and combines all three components, they can make a full rocket.
The upper limit of the number of complete rockets is 1000 with a floor price of 2.33 ETH per piece. To bridge the gap between the physical and digital world, for each complete rocket, the team builds a physical rocket and launches it into the sky, while documenting the launch video.
The NFT owner is then able to view footage of the launch solely on top of the actual rocket.
Tiffany & Co. acquistion of Tom Sachs: Rocket Factory is a sign of a greater long-term partnership, although complete details of the relationship haven't been announced yet by the brand.
