Prada has followed the lead of other high-end fashion brands such as Gucci, Balmain, and Balenciaga by introducing its non-fungible tokens (NFTs). These labels have all joined the cryptocurrency market in recent months.
On Thursday, Prada will celebrate the launch of its new Timecapsule garment collection by distributing one hundred Ethereum NFTs. Holding an asset may be done with the use of a one-of-a-kind blockchain token called an NFT.
Those who make a tangible purchase from Prada’s new Cassius Hirst relationship with Damien Hirst, the artist’s son, will be eligible to get a free airdropped NFT as a thank-you gift.
The GIF for the NFTs on the Prada x Cassius Hirst Unisex Button-Down Shirts is of a pill capsule, and it comes in either black or white. The NFTs are speculated to have some kind of connection to the drop’s serial numbers and jersey numbers.
In July of the year before, Damien Hirst released his first collection of NFTs, titled “The Currency.” The value of each NFT has increased significantly since then, reaching $9,360 as of this writing.
Customers who purchase NFTs from Prada’s Cassius drop will not be required to select between a digital and a physical item, as Damien required of customers who purchased NFTs from his NFT release.
The most recent NFT release from Prada was made possible through the Aura Blockchain Consortium. LVMH, Prada, and Cartier came together to form the charitable organization known as Aura. Although Quorum is a service that runs on the Ethereum virtual computer, there are other blockchain solutions accessible as well, such as ConsenSys Rollup.
In 2019, the fashion house Prada began releasing limited-edition goods in the form of time capsules as a tactic to differentiate themselves from competitors. According to a statement, previous Timecapsule clients will eventually get NFTs when the transition is complete.
Prada has tried their hand at NFT before, but this is not even close to being their very first time. The “Adidas for Prada re-source” line was the last product to come from the brand’s collaboration with the athletic apparel manufacturer Adidas. The line was introduced on Polygon in January and only saw a total volume of 468 ETH traded, with a floor price of 0.077 ETH, which is equivalent to $140 per NFT.
It would seem that the primary emphasis of Prada will remain on tangible products for the foreseeable future, with non-fantasy items being treated as a bonus. Even though NFTs are still regarded as innovative, firms that deal in luxury goods may profit tremendously from product verification based on blockchain technology.
