Prada, a brand synonymous with luxury, will release its own Ethereum non fungible tokens (NFTs), on Thursday together with its Timecapsule apparel. Buyers of the apparel will get a free NFT along with their physical purchase of merchandise from the collaboration between the luxury brand and Cassius Hirst, the son of renowned artist Damien Hirst. The drop will use blockchain, which is the technology behind Web3.
The apparel from the Prada-Hirst combination consists of unisex button-down shirts available in black and white. Those who purchase these shirts will get a corresponding NFT. It will be a GIF of the black or white pill capsule.
Prada’s latest NFT drop is via the Aura Blockchain Consortium. It is a nonprofit that was founded by a partnership between three luxury brands: Prada, Cartier and LVMH. It uses Quorum which is an Ethereum based blockchain platform. It offers blockchain as a service.
The accompanying NFTs will have the serial number of the drop as well as a number that has an association with each individual physical shirt sold by Prada. This product authentication will be a benefit for Prada as well as luxury brands as luxury brands often have lots of fakes sold using their brand name.
A statement released by Prada said that buyers of previous Timecapsule drops will get their NFTs at a later date. The brand began its Timecapsule drops in 2019. It was a method by which the luxury brand released limited edition items.
Prada has ventured into NFTs in the past. It partnered with adidas and launched the “adidas for Prada re-source”, in January. It was released on Polygon and saw small volumes of trade–468 ETH. Its floor price was 0.077 ETH which is about $140 per NFT.
This newest launch is by Prada and is offered as a bonus with its physical merchandise. This shows that the luxury brand continues to focus on physical items. However, it adds free NFTs to show that is embracing Web3 as well.
