Prada Extends Web3 Presence With Another Timecapsule NFT

Credit: Prada

Luxury clothes maker Prada is set to launch the 8th NFT in its Timecapsule collection on January 5th, 2023. The T-shirts in this drop will feature work from Italian photographer Enzo Ragazzini and be available starting at 3pm CET. Holders of this NFT will have the opportunity to attend a Prada event in January and bring along a guest.

The work from Ragazzini featured on the T-shirts involve a design created from a technique the photographer invented: optical interference. In addition, the T-shirts will have the Prada enameled triangle logo on the front-pocket with the word “JANUARY” emblazoned on the back of the shirts.

The NFTs in this drop serve two purposes: First, as entry passes to the Prada “Crypted” Discord server, and second, as a verifying tool for anyone looking to attend the Prada Menswear Fall/Winter 2023 fashion show in Milan. Users can also sell the non-fungible tokens on the open market.

Prada’s Timecapsule series initially debuted for European customers in 2019. Since then, it has expanded to various countries around the world and represents a pillar of the company’s Web3 strategy. Unlike other mainstream company NFT drops, which often require users to burn NFTs to redeem physical merchandise, Prada’s drops always have both a physical and Web3 component, with no need to choose between the two.

The company also held an event at Art Basel in Miami, a well-known art festival with a strong Web3 component. There, the company invited holders of its Timecapsule NFTs to take part in the event. Traditionally, Prada Timecapsule drops occur on the first Thursday of the month.

Prada Has Been Busy in Web3 This Year

This year, luxury brands have taken to Web3. And there is no further proof of that than Prada, the subject of our article. In 2022, we have written a few articles involving the cutting-edge fashion company and Web3. Here are the best.

First, five months ago, Prada released its third NFT in the Timecapsule series. Like with the others, the company used a 24-hour auction to sell its T-shirts and accompanying NFTs. For the third drop, the T-shirts were gender neutral and the NFTs came with IRL perks.

Next, on June 2nd, Prada debuted its first Web3 Timecapsule drop. In it, Prada outlined its plan: Sell the clothing through timed auctions or first-come-first-serve sales and drop the corresponding NFTs directly into clothes buyers’ wallets.

Lastly, 11 months ago, Prada teamed up with Adidas to launch an NFT collection. Called the “Adidas for Prada Re-Nylon collection,” the NFT set dropped on the Polygon blockchain and allowed individuals to submit their own designs.

Prada’s 8th Web3 Timecapsule drop in January of 2023 shows the company is still interested in Web3 and producing NFTs. Here at Rarity Sniper, we’ll pay close attention for further developments in the story.