Saturday, December 2, 2023

Prada Joins Other Luxury Brands In Web3 With Ethereum NFTs

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Prada joins other Luxury Brands in the Web3 space with its Ethereum NFT collection of 1000 NFTs that will go along with the Cassius Hirst Timecapsule apparel drop so let’s read more today in our latest Ethereum news.

The Luxury brands like Balmain, Gucci, and Balenciaga all got into crypto and Prada joins them with the release of its own NFT. Prada will be launching 100 Ethereum NFTs to go along with the latest Timecapsule apparel release and these NFTs will be unique blockchain tokens that will signify ownership of the asset.

prada gif
The NFTs will be GIFs of its white and black capsules. Image Prada

In Prada’s case, the buyers will get a free airdropped NFT that will go along with their physical merch purchase from the latest collaboration with Cassius Hirst. The collaboration will provide unisex button-down shirts that come in white or black and a corresponding NFT which will be a GIF of the black or white pill capsule. The NFTs refers to the drop of the serial number as well as include a number associated with the physical shirt. The Hirst family is no stranger to NFTs since Damien’s first collection “The currency” was minted back in July and has a floor price of 5.2 ETH per NFT. Unlike the Damien NFT drop, Prada’s drop with Cassius will not force buyers to choose between a physical asset or a digital one as they will get both.

The Aura Blockchain Consortium is behind the latest NFT drop for Prada. Aura is a nonprofit founded by LVMH, Cartier, and Prada. It uses Quorum as an Ethereum-based blockchain platform that offers blockchain-as-a-service, Rollups, Consensys, and other blockchain products. Prada’s time capsule drops started back in 2019 as a way for the brand to launch a limited edition item so the buyers of preivous drops will receive NFTs at a later date. This is not exactly PRada’s first NFT project since it already partnered with Adidas to release the “Adidas for Prada re-source” collection that was released back in January on Polygon.

These shirts come with free NFTs. Image Prada.

Prada’s latest foray into NFT suggests that the brand’s focus remains on the physical items like NFTs as a kind of a bonus while the NFTs might be considered as a novelty to some these luxury brands are benefiting from product authentication on the blockchain.

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