Prada will launch an Ethereum-based NFT collection

by   |  VIEW 2023

Prada will launch an Ethereum-based NFT collection

According to the company’s website, 100 Ethereum-based NFTs are a fitting addition to the physical Prada Timecapsule series of trendy black and white shirts launched back in 2019. The physical design of 100 shirts designed in collaboration with artist Cassius Hirst, son of Damien Hirst, will be directly related to NFT.

The idea of ​​this great luxury fashion house is to create a perfect synergy between the physical and the digital through the release of free NFT to every customer who decides to buy some of the clothing items from the new collection.

The NFT release aims to mark the evolution of the Timecapsule Initiative. Every first Thursday of the month, starting in 2019, the world-famous brand puts an exclusive edition of items from this series on its website. In the second phase, each physical T-shirt owner will also receive an NFT, with a corresponding digital record documenting the serial number and containing the unique number assigned to each T-shirt.

Approach with a focus on physical objects

According to information released by Forbes, the price of each NFT will be expressed in the national currency, not in the crypt. Behind Prada's latest entry into the NFT market is the Aura Blockchain Consortium, backed by LVMH, Prada Group and Cartier, which offers solutions for authenticity, ownership and traceability.

The report states that, unlike its main competitor Gucci, which mainly targets indigenous users of the Web 3.0 video game community, Prada has a strategy aimed at people who are not originally interested in Web 3.0 or blockchain technology.

It tries to integrate its NFT with pre-existing physical objects. In this way, the company wants to build a virtual empire around its loyal and existing customers. Some members of the NFT community have criticized Prada's trip to NFT, suggesting that the Adidas collaboration project, Adidas for Prada re-source, built on Polygon, has delivered relatively low use value since its release.

The property is currently traded on OpenSea for 0.08 Ether (ETH) and has 2700 owners. If you are crazy about luxury brands, virtual clothing offers much more affordable prices. In 2021, Gucci launched sneakers in a digital version, at a price of only $ 12.

These sneakers will not be noticed by anyone in the real world, but in the metaverse, when you play your favorite game in them and jump to virtual socializing on social networks - well, that's another story.