PRADA are launching 100 Ethereum NFTs linked to its latest product release.
The Timecapsule collections, which started back in December 2019, drop on Prada’s website on the first Thursday of every month and the products are available for 24 hours only.
For the June 2 launch, the luxury fashion label will release a gender-neutral shirt designed in collaboration with artist Cassius Hirst.
But this time the collection will include a free NFT to go along with their physical product.
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The Prada x Cassius Hirst unisex button-down shirts come in black or white, while the NFTs are a GIF of the black or white pill capsule.
Each NFT will feature a unique serial number matching the physical item.
The price of the shirt will be displayed on the day of the launch.
A total of 100 shirts and NFTs – which will be hosted on the Ethereum blockchain – are planned. This is more than double the usual number.
Anyone who has previously bought one of Prada’s physical Timecapsule pieces will also be gifted a NFT.
These will give access to exclusive benefits and experiences, which will be revealed in the brand’s new Discord channel “Prada Crypted” as well as on their website.
Prada said: “There is a synergy between the Prada Timecapsule and the scarcity and desirability of NFTs.”
This isn’t Prada’s first dive into the world of NFTs. The brand previously partnered with sportswear giant Adidas back in January to release the “adidas for Prada re-source” collection on Polygon.
The collection currently has a floor price of 0.077 ETH ($140) but has only sold 468 ETH worth.
Lorenzo Bertelli, the son of Miuccia Prada and Patrizio Bertelli said: “Many people in luxury made the mistake in the past thinking that it was not so relevant. Like social media, I don’t think that NFTs are good or bad, but they are a digital tool and it depends on how you use them.”
Prada is one of multiple luxury brands including Balmain and Balenciaga to dive head first into Web 3.0.
Last week, Gucci said digital versions of its Blondie bag are on offer at its new Gucci Town destination on Roblox.
