Tiffany & Co. buys a Tom Sachs Rocket NFT for $380K

Another top brand has arrived at Web3. Earlier this week, Tiffany & Co. on Twitter that it had purchased a Tom Sachs Rocket non-fungible token. The Rocket NFT features “Tiffany & Co.” on the head, body and tail.

Tiffany & Co. wrote in a tweet that it is “glad” to announce the purchase of the “Okapi” Rocket, marking its entry into the nascent NFT space. It also wrote that “the evolution of fine art collecting” has arrived and that the future of NFTs is “rosy”.

The Tom Sachs NFT project features rockets broken into three pieces: the head, body, and tail. Users can complete a rocket when they put all three pieces together. There can only be 1,000 completed missiles. As of right now, the bottom price for parts is 2.3 ETH, or about $7,800.

Tiffany & Co. paid a total of 115 ETH for the “Okapi” rocket, about $380,000 at the time. The company turned its Twitter PFP into an image of the rocket, much like Budweiser did with another Tom Sachs rocket in 2021.

The Tiffany & Co. purchase appeared to be reviving the market for Tom Sachs Rocket NFTs, with a few purchases seen after the news broke for around $20,000 each.

Fashion and beauty industries are diving into the metavers

The fashion and beauty industry is optimistic about Web3. In the past few months alone, several companies have bought land, registered trademarks, or launched campaigns to capitalize on the excitement of the metaverse. These companies include:

  • Gucci buys digital land in The Sandbox
  • DREST metaverse brings in Kate Moss for a campaign
  • Estée Lauder acts as exclusive beauty sponsor for Metaverse Fashion Week
  • Fenty Beauty registers trademarks related to Web3

It is uncertain what the long-term plans of Tiffany & Co. are for the Web3 space, but they appear to be initially focused on non-fungible tokens, a space that has seen billions of dollars in sales since 2021. Other companies, such as Budweiser, Pepsi, and TIME Magazine have moved on, with mixed results.

Probably the most prominent company to successfully integrate into Web3 is Nike. It successfully integrated by acquiring and incorporating a native Web3 company under the Nike brand.

There’s no telling whether the raid by Tiffany & Co. will be successful in the Web3 space, but there is no doubt that the momentum behind NFTs continues to gain momentum.

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