Prada Joining Top Luxury Brands in Web3 With Ethereum NFTs
Luxury brands like Gucci, Balmain, and Balenciaga are getting into all things crypto, and Prada is joining the crowd with the release of its own NFTs.
Prada will be launching 100 Ethereum NFTs this Thursday to go along with its latest Timecapsule apparel release. NFTs are unique blockchain tokens that signify ownership of an asset.
In Prada’s case, buyers will receive a free airdropped NFT to go along with their physical merch purchase from Prada’s latest collaboration with Cassius Hirst, son of artist Damien Hirst.
The Prada x Cassius Hirst unisex button-down shirts come in black or white, and the corresponding NFTs are a GIF of the black or white pill capsule. The NFTs will refer to the drop’s serial number as well as include a number associated with each physical shirt.
The Hirst family is no stranger to NFTs—Damien’s first collection, “The Currency,” minted back in July of last year and currently has a floor price of 5.2 ETH ($9,360) per NFT, nearly a year later.
Unlike Damien’s NFT drop, Prada’s NFTs from its drop with Cassius will not force buyers to choose between a digital or physical asset—they’ll get both.
The Aura Blockchain Consortium is behind Prada’s latest NFT drop. Aura is a nonprofit founded by LVMH, Prada, and Cartier. It uses Quorum, an Ethereum-based blockchain platform that offers blockchain-as-a-service, ConsenSys Rollups, and other blockchain products.
Prada’s Timecapsule drops started back in 2019 as a way for the brand to launch limited edition items. Buyers of previous Timecapsule drops will also receive NFTs at a later date, according to a statement.
This isn't exactly Prada's first NFT project, though. The brand previously partnered with sportswear brand adidas to release the "adidas for Prada re-source" collection, which released back in January on Polygon (that collection has only seen 468 ETH in total volume traded, and its floor price is just 0.077 ETH, or $140, per NFT).
Prada’s latest foray into NFTs suggests the brand’s focus remains on physical items, with NFTs as a kind of free bonus. While NFTs might still be considered a novelty to some, luxury brands could certainly benefit from product authentication on the blockchain.Source