Let's talk about Tiffany & Co.'s venture into the Metaverse
Following Tiffany & Co.’s “tradition” on pulling notorious April Fool’s pranks – the brand announced a change of signature brand color from Tiffany Blue to “Big Bird yellow” last year – the brand announced its venture into the Crypto World by launching its very own cryptocurrency, TiffCoin, on April 1st this year.
Users quickly identified the prank and showed interest in how the situation would play out. Few days after, the 185-year-old American jewelry brand unveiled the truth behind the hoax, followed with an announcement stating the release of TiffCoin is indeed happening, but in the form of a real life 18k gold coin that pays homage to the brand’s classic form of payment back in the days – Tiffany Money.
Less than 24 hours left. Less than 499 TiffCoins. Our exclusive 18k gold coins—each individually engraved and numbered—gives holders access to future Tiffany happenings. https://t.co/f6AnOQ6ctf #TiffCoin #TiffanyAndCo pic.twitter.com/UR7NxAWYX9— Tiffany & Co. (@TiffanyAndCo) April 3, 2022
TiffCoin is not just a smart marketing concept, Italian luxury streetwear brand Philipp Plein was one of the first major fashion labels to accept cryptocurrency as a form of payment, brands like Charles & Keith and Off-White also soon followed suit and hopped onto the Crypto bandwagon.
However, with limitations surrounding crypto-trading regulations and the instability in its value, it is hard for the retail sector to truly accept cryptocurrency as a legal form of payment in the near future.