Prada to incorporate NFTs in Time Capsule project

Italian fashion label Prada has revealed its Web3 strategy with its new NFT collection titled ‘The Prada Timecapsule NFT Collection’, which will launch on June 2. 

The Prada Timecapsule NFT Collection consists of 100 Ethereum NFTs to go along with its latest Timecapsule apparel release. Buyers will receive a free airdropped NFT to be paired with their physical merchandise from Prada’s latest collaboration with Cassius Hirst, son of Damien Hirst. The free NFT is a GIF that features the unique serial number of the corresponding physical merch. The price will not be disclosed until the day of the launch but will be in fiat currency rather than cryptocurrency.

The Aura Blockchain Consortium is behind Prada’s latest drop, it is a nonprofit created by LVMH, Prada and Cartier. It leverages Ethereum-based Blockchain platform Quorum, that provides blockchain-as-a-service, to address issues such as authenticity, ownership and traceability. 

The luxury label is also launching a community server on Discord - Prada Crypted, which will go live today. The NFTs’ utilities will be revealed on the Discord in due course.

Rather than focusing on targeting new Web3 clients by rewarding early investors with whitelist spots, Prada is rewarding its already loyal and traditional clients and combining its NFTs to a physical initiative simultaneously. 

Prada has previously partnered with Adidas to release their ‘adidas for Prada re-source’ NFT collection on Polygon in late January this year. The project is a crowd-sourced digital artwork redolent of a Beeple-style collage, whereby anyone can register to submit a photograph with a specially designed filter, out of the submissions, only 3,000 photographs were selected by raffle and minted into NFTs by Adidas for free. The winners are able to sell their NFTs on a secondary market following the mint. The project generated a trading volume of 465 ETH with a floor price of 0.077 ETH or US$ 140 per NFT) 

Photo: Prada