Prada fashion empire issues NFT on Ethereum

Fashion house Prada has officially announced its plans to release 100 NFTs alongside the offering of Timecapsule, its latest collection.

Luxury brands like Gucci, Balmain, and Balenciaga are getting into all things crypto, and Italian luxury fashion house is joining the crowd with the release of its own NFTs.

According to a source from Prada, on June 2, the fashion brand will be launching 100 Ethereum NFTs along with the latest release of Timecapsule skins in collaboration with Cassius Hirst, son of artist Damien Hirst.

Customers will receive a free airdrop of 1 NFT when purchasing products. The new collection includes Prada x Cassius Hirst unisex button-down shirts in black or white. Included are the NFTs in the form of GIFs with black or white pill shapes, respectively. Each NFT will be represented by a distinct serial number.

In addition, customers who have participated in purchasing products in the Timecapsule collections since 2019 will also receive NFT. NFT utilities will be revealed in the near future on the brand’s Discord channel. Instead of targeting a new market, the fashion brand chose another direction of rewarding traditional customers who have been with them for a long time.

The Hirst family is no stranger to the NFT. Damien’s first collection, “The Currency,” was minted last July and is still trading at a floor price of 5.2 ETH (equivalent to $9,360) per NFT.

The Aura Blockchain Consortium is the platform behind the support for the Italian luxury fashion house. Aura is a non-profit organization founded by LVMH, Prada, and Cartier. Aura uses Quorum, an Ethereum-based blockchain platform that helps solve problems of authenticity, ownership, and traceability.

However, this is not Prada’s first NFT project. Back in January, the brand collaborated with Adidas to release the “Adidas for Prada re-source” collection on Polygon. The collection has reached a total transaction volume of 468 ETH.

This move also partly confirms that Prada’s focus is still on real-life products. But this brand is also trying out NFT as a reward for customer gratitude. Although NFT is still unfamiliar to many people, there is no denying the benefits that blockchain products bring to high-end brands.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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