It will release 100 NFTs in conjunction with the Cassius Hirst Timecapsule clothing drop.
Luxury brands such as Gucci and Balmain are getting into crypto. Prada has also joined the fray with its own NFTs.
Prada will launch 100 Ethereum NFTs on Thursday, to accompany its Timecapsule clothing release. NFTs, which are unique tokens on the blockchain that represent ownership of assets, are launched by Prada.
Prada’s latest collaboration is with Cassius Hirst . Buyers will get a free NFT airdropped to accompany their physical merch purchases.
Prada x Cassius Hirst button-down shirts are available in white or black. The corresponding NFTs are a GIF for the black or the white pill capsule. NFTs are a reference to the serial number of each drop as well as a number that is associated with each shirt.
The Hirst family has no problem with NFTs. Damien’s first collection, ” the Currency,” was minted in July last year. It currently has a floor of 5.2ETH ($9,360) per non-financial transaction.
Prada’s NFTs with Cassius won’t force buyers to make a choice between a physical or digital asset, unlike Damien’s.
Prada’s recent NFT drop is due to the Aura Blockchain Consortium. Aura was founded by LVMH and Prada. It uses Quorum, an Ethereum-based blockchain platform that offers blockchain-as-a-service, ConsenSys Rollups, and other blockchain products.
Prada’s Timecapsule drops were launched in 2019 to allow the brand to release limited edition items. According to a statement, buyers of Timecapsules from the past will receive NFTs at an additional date.
It isn’t the first NFT project for Prada. Prada previously collaborated with adidas to create the ” adidas re-source” collection. This collection was released in January on Polygon. It has seen only 468 ETH in total volume and its floor price of 0.077ETH (or $140 per NFT).
Prada’s recent foray into NFTs indicates that the brand is still focused on physical products, with NFTs being a type of bonus. Luxury brands can benefit from product authentication on blockchain, even though NFTs may still be a novelty.
