Luxury jewelry brand Tiffany and Co. is putting CryptoPunks on-chain: diamond chains.

The company is selling 250 customized, diamond-encrusted pendant necklaces for 30 ETH (around $50,000) a pop to holders of the famed collection. Each necklace will include a combination of 30 diamonds and gemstones, according to Tiffany’s website.

The necklaces will go on sale Aug. 5 and are only available for CryptoPunk holders to purchase in the form of NFTs redeemable for the physical necklaces. Tiffany’s will net over $12 million from the sale’s sellout, standing to make even more profit from resale royalties.

The release comes as a tie-up with the crypto startup Chain, which is taking care of the launch’s back end. Chain’s CEO Deepak Thapliyal first teased the collaboration in a tweet last week.

NFT Twitter had mixed reactions to the announcement, with some users criticizing the pendant’s high price. Others praised the collaboration as a step forward for the collection’s image.

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