Following the initial foray into the NFT space with Adidas, Prada has announced further expansion in Web3 with its independent NFT collection accompanying the Prada Timecapsule. Furthermore, this also marks the launch of "Prada Crypted," the brand's new open community Discord server.
Founded in 1913 by Mario Prada, Prada is a luxury fashion brand specializing in fashion accessories. With luxury brands like Gucci, Balmain, and Balenciaga getting into crypto, now Prada joined the crowd with its own NFTs. Today, the luxury brand launched 100 Ethereum NFTs to go along with its latest Timecapsue apparel release.
Prada Timecapsule is an online event hosted on the first Thursday of every month since December 2019. Moreover, it has opened up exclusive access to exclusive items on its website for a day. Today marks the drop #30 in this series, coupled with an NFT collection.
However, Prada distributed the NFTs a bit differently. The NFTs were airdropped for free to buyers of the physical merch from Prada's latest collaboration with Cassius Hirst.
The Prada x Cassius Hirst unisex button-down shirts are available in black or white. Also, the corresponding NFTs are a GIF of a black or white pill capsule. In addition, the NFTs will refer to the drop's serial number and a number associated with each physical shirt. Notably, the NFT owners will receive exclusive benefits, experiences and access to Prada's future drops.
The company's press release reads, "A unique shirt designed in collaboration with artist Cassius Hirst, son of Damien Hirst, will be for sale in the latest Timecapsule drop – scheduled on June 2."
In fact, the Hirst family is no stranger to NFTs. In July of last year, Damien launched his first collection, "The Currency." It now has a floor price of 5.2 ETH ($9,360) nearly a year later.
But with Prada's NFTs, buyers will not be forced to choose between digital or physical assets, Unlike Damien's NFT drop.
The Aura Blockchain Consortium, a nonprofit founded by LVMH, Prada, and Cartier, is behind Prada's latest Timecapsule NFT drop. It utilizes Quorum, an Ethereum based blockchain platform offering products like blockchain-as-a-service and ConsenSys Rollups.
Meanwhile, this isn't precisely Prada's first NFT project. In January, Adidas Originals and Prada partnered up to bring a first-of-its-kind NFT collaboration featuring user-generated art.
The project aims to attract participants across the fashion, design, and crypto industries to co-create a large scale digital artwork. In fact, both the brands invited their audience to contribute photographs to the open-Metaverse NFT project anonymously.
But some NFT community members have criticized Prada's NFT endeavors. Members suggested that the "Adidas for Prada re-source" project has delivered low utility value since its release.
However, Prada's latest NFT depicts the brand's focus on physical items, while the NFTs come as a free bonus. Although some might still consider NFTs a novelty, luxury brands can surely benefit from product authentication on the blockchain.