Prada to Launch an Ethereum-Based NFT Collection

The new NFT Collection, which will be launched by Prada, the luxury brand that is well-known, will expand its presence in Web3. It will match the same series of physical shirts, which were on sale since December 2019.

One shirt, one NFT

According to the company’s website, the 100 Ethereum-based NFTs are a corresponding supplement to the physical Prada Timecapsule, a series of fashionable black or white shirts launched back in 2019. The physical project will include 100 gender-neutral shirts created in collaboration with Cassius Hirst (son of Damien Hirst), and will link directly to the soon-to-be-airdropped NFTs.

Each Timecapsule drop will link to both a gender-neutral product and a gifted NFT. This is a GIF of a capsule video that represents the digital version.

The NFT release aims to mark the evolution of the “Timecapsule initiative.” On the first Thursday of every month since 2019, the world-renowned brand has featured an exclusive edition item drop from the series on its website

In the second phase, after the airdrop on the upcoming Thursday, every owner of the physical shirt will also be gifted with an NFT, which will act as a digital record documenting the drop’s serial number and including a unique number associated with each shirt.

An approach that focuses on physical items

Forbes’s coverage indicates that the price of each NFT will be denominated in fiats currency rather than crypto. The Aura Blockchain Consortium, backed by LVMH, Prada Group, and Cartier for offering solutions to authenticity, ownership, and traceability, is behind Prada’s latest foray into NFTs.

The coverage notes that, unlike its primary competitor Gucci mainly targeting Web 3.0 natives from the gaming community, Prada has a strategy focused on “metaverse refuseniks” who are not natively interested in Web3 or the blockchain technology as it tries to integrate its NFTs into pre-established physical items. It aims to build its virtual empire from existing or loyal customers.

The brand’s first NFT project – “Adidas for Prada re-source” built on Polygon – with the sportswear behemoth Adidas did come alive through a unique approach as well. The brand collaborated with Zach Lieberman, an artist and Adidas Originals to source art projects that were both creator-generated and user-generated.

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