Prada, an Italian luxury clothing brand, is launching a non-fungible token collection on June 2nd. The 100 Ethereum NFTs are linked to its upcoming Timecapsule apparel release. Each NFT will correspond to one article of clothing, and Prada plans to airdrop the NFTs directly into clothes buyers’ wallets.
This Timecapsule drop will feature the artwork of Cassius Hirst, the son of artist Damien Hirst. The NFTs will tie directly to the article of clothing, down to the color, drop number, and clothing serial number. One hundred black or white unisex button-down shirts are available.
Like other Timecapsule limited edition clothing lines, this one will likely be in high demand. And although it is similar to other drops from luxury brands, there is a key difference: users won’t need to choose between an NFT or a physical item. In the case of Prada’s first solo NFT drop, users will receive both.
For the technical aspects of the drop, Prada is partnering with the Aura Blockchain Consortium. That organization uses Quorum, an open-source blockchain platform that utilizes Ethereum and Consensys roll-up technology.
Although one might think this is Prada’s first Web3 venture, it is, in fact, the second. In January, the company partnered with Adidas to launch an NFT project on Polygon. The “Adidas for Prada re-source” collection’s proceeds went to a charity supporting artists and creators.
For more information about the Prada Timecapsule series, visit the company’s website here.
Luxury Brands Bullish on Web3
While Prada’s Ethereum NFT drop is certainly exciting, the company is joining a handful of luxury brands already ensconced in Web3. From handbags to NFT drops, luxury dealers have been experimenting with Web3 for months. Take, for instance, the following three companies.
Gucci has been active in Web3 ever since it purchased digital land in The Sandbox metaverse. And, as Rarity Sniper recently reported, it has started to accept five major cryptocurrencies at its United States-based stores.
Not to be outdone, Dolce & Gabbana has been especially present on the non-fungible token side of Web3. It partnered with marketplace UNXD to drop an NFT set on the Polygon sidechain three months ago. The NFTs corresponded to membership tiers, which came with different rewards.
And finally, there is Fendi, a luxury fashion brand. It partnered with Ledger to create stylish cases to hold cold storage wallets when out. The event marked the first time a hardware wallet company combined forces with a fashion company to make accessories.
Time will tell how Prada’s NFT drop goes, but given the success of its previous Timecapsule events, it’ll likely do well. And if it does, we may see more Prada NFTs in the future.