Gucci and Tiffany have delved deeper into Web3, with Gucci accepting another form of cryptocurrency and Tiffany using NFTs to make custom jewellery now. Although this is a step further into the future, the market value of these purchases has raised some scepticism. The NFT market has slumped as the turmoil in the industry has ripped $2 trillion from the crypto sector. Tiffany announced on July 31 that it would offer “NFTiff” collectable passes redeemable by owners of CryptoPunk NFTs for a custom pendant. This increased the floor price by 9% to 74.69 Ether, which equals $123,000. Similarly, after Gucci’s tweet about accepting ApeCoin, the token shed its earlier 5% slump and traded nearly flat by 5 p.m. The Bored Ape Yacht Club collection of NFTs also climbed by 5.2%.
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