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Luxury jewelry retailer Tiffany & Co. purchased the Okapi, a Tom Sachs Rocket Factory NFT, for 115 Ethereum, approximately $380,000, thereby entering the non-fungible token (NFT) space.
The NFT collection allowed buyers to assemble rockets with component NFTs. Upon completion, a physical mini rocket will be launched. If found afterward, the physical mini rocket will be delivered to the NFT owner.
The Tiffany & Co. purchase was one of the most expensive sales for the Tom Sachs Rocket Factory NFT collection, which had an average sales price of just over 4 Ethereum or $13,400 over the last 90 days.
During that period, only two sales above $50,000, with the largest the equivalent of $140,000.
Tiffany’s purchase also boosted interest in the collection, with five other buyers spending almost $100,000 on the same day, significantly higher than the 90-day average sales volume of approximately $26,400.
The price that Tiffany paid for the NFT was publicly viewable on OpenSea and could have influenced others to purchase.
