On April 1st, April Fools’ Day, Tiffany & Co pulled off a very of the moment hoax across their social media channels.
“We are launching our very own cryptocurrency called TiffCoin, with exclusive product launches, NFT launches, and invitation-only events for top TiffCoin holders!” declared a post on Twitter. “Get some gold in your wallet with #TiffCoin.”
However, although subsequent posts revealed the cryptocurrency aspect to be a joke, it appears that the coins actually exist in real life. As specified on April 2, both on the brand’s social networks and on its own website, 499 of these coins had actually been minted in 18k gold and available to buy at tiffany.es for a limited 24-hour period — at $9,999 each.
This elaborate April Fool’s hoax and marketing stunt dovetails perfectly with CEO Anthony Ledru’s desire to modernize the 185-year-old jewelry brand.
In fact, a similar play took place last year. After the April Fool posted that Tiffany was changing its entire brand concept from robin’s egg blue to ‘Big Bird’ yellow, the brand temporarily filled its Beverly Hills Rodeo Drive store with the vibrant shade and hosted a ‘Yellow Diamond’ cafe. in the place.
“We inherited a giant sleeping beauty and I think she’s waking up fast,” Ledru said. WWD in a recent interview.
Following LVMH’s acquisition of Tiffany for $15.8 billion in 2020, Ledru was appointed CEO in January 2021. He came from Louis Vuitton, where he was vice president of commercial activities.
Joining Ledru is EVP of Products and Communications, Arnault’s scion and former Rimowa CEO, Alexandre Arnault.
In fact, it was Arnault who spearheaded Tiffany’s star-studded campaigns, including ‘About Love’ with Beyoncé Knowles and Jay-Z and a Tiffany Blue Basquiat painting, a sold-out collaboration with Supreme and the naming of other celebrity ambassadors, including Rosé from Black Pink.
Arnault himself, who has a Cryptopunk NFT as his Instagram PFP, was no doubt also the driving force behind the ‘TiffCoin’ which launched on Saturday morning and was featured prominently on Tiffany’s e-commerce homepage. e with a ‘Buy Now’ button linked to the product.
As detailed in the product copy, TiffCoin is “an homage to our ‘Tiffany Money’ creation story.”
As stated, the exclusive 18K gold coins are engraved, numbered and individually packaged in custom Tiffany Blue dust bags. Size is 34.8mm diameter, 2.8mm thick and purchase is limited to one per customer.
According to the Tiffany website, TiffCoin holders receive access to “Tiffany happenings, bringing great glamor to the Metaverse.” Admittedly, this is a somewhat dubious statement given that such events are unspecified, but it is likely an ironic reference to many similar unspecified utilities offered by myriad NFTs.
The historical reference to “Tiffany Money” is real enough. The brand began minting silver coins during the 1970s, which were redeemable for physical merchandise.
Notably, a disclaimer below the product copy for TiffCoin read “TiffCoins cannot be spent as real currency, crypto or otherwise, but why would you want to?”
Earlier this year, a vintage Tiffany’s magazine ad from 1974 sold for $16.99 on eBay. Text reads “Tiffany Money in sterling silver is a whole new idea in wedding gifts.”
“The bride can use them to complement her trademark silver, crystal and porcelain options…give her one, ten or a hundred, Tiffany Money is the one gift a bride can’t get too many of. And besides, she won’t have much to carry to trade after the honeymoon. In 1974, each coin was priced at $25 redeemable for $25 worth of merchandise.
The announcement demonstrates that an irreverent approach to marketing at Tiffany has historical precedent.
It remains to be seen if Tiffany & Co will start offering cryptocurrency payments. Philipp Plein launched the payment method last year and Off-White announced a similar initiative last week.