Prada To Create Ethereum-Based NFT Collection

With the launch of the new NFT Collection, Prada, a well-known luxury brand, expands its presence on Web3. It will be identical to the physical shirts which have been available since December 2019.

One shirt, one NFT

According to the company’s website the 100 Ethereum-based NFTs will be a corresponding supplement for the physical Prada Timecapsule. This is a collection of stylish black and white shirts that was launched in 2019 by the company. 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.

NFT’s release is intended to celebrate the evolution of the Timecapsule initiative. Since 2019, the brand, which is world-renowned for its iconic products, has featured an exclusive item from the series on their website every Thursday.

After the Thursday airdrop, the second phase will see every physical shirt owner receive an NFT. This will be a digital record that documents the serial number of each drop and also includes a unique number.

A Focus on physical items

Forbes reports that each NFT’s price will be in fiat currency, not crypto. Prada’s latest venture into NFTs is being supported by the Aura Blockchain Consortium. It was founded by LVMH and Prada Group.

Prada’s strategy is different from Gucci, which focuses primarily on Web 3.0 natives in the gaming community. Instead, it aims to target “metaverse refuseniks”, who aren’t natively interested Web3 or blockchain technology. It tries to integrate NFTs into physical products. It aims to build its virtual empire from existing or loyal customers.

The brand’s first NFT project, “Adidas For Prada re-source”, was built on Polygon. It also featured the collaboration with Adidas, a sportswear giant. The brand collaborated with Zach Lieberman, an artist and Adidas Originals to source art projects that were both creator-generated and user-generated.