Joining the list of adventurous luxury brands in the Web3 space, Italian fashion label Prada is preparing to take its next step in the NFT arena. The 109-year-old designer brand will launch 100 non-fungible tokens (NFTs), or digital collectibles, to go along with the purchase of physical goods from its new “Timecapsule” collection. NFTs will be based on the Ethereum blockchain, which is a popular option to support these virtual assets. Both, the Timecapsule collection as well as the NFTs are due out later this week.
Prada’s new collection features unisex button-up shirts in black and white. These t-shirts were designed in collaboration with artist Cassius Hirst, son of veteran British millionaire artist Damien Hirst.
The NFTs that go with the purchase of these gender-neutral T-shirts will be black or white pill capsule GIFs. Each NFT will carry a number associated with each physical shirt. Prada will transmit these NFTs to eligible receivers.
Couture Mammoth shared glimpses of the NFTs with his 1.6 million followers on Twitter.
The Aura Blockchain Consortium supports the dropping of NFR by Prada.
The Swiss-based non-profit blockchain is designed by three luxury brands – LVMH (the parent company of Louis Vuitton), Prada, and Cartier.
This is not the first time Prada has entered the NFT space.
In January of this year, it partnered with sportswear brand adidas to launch its “adidas for Prada re-source” collection on the Polygon blockchain.
“Adidas and Prada are rewarding adidas Originals holders in the Metaverse NFTs and bridging the gap for a new community of creators to join the innovative world of Web3,” the shoe brand said in a statement at the time.
Recently, many luxury brands have entered the digital asset category.
In recent months, luxury Swiss watchmaker Tag Heuer and Gucci have begun accepting cryptocurrency payments for their expensive products.
Earlier last week, French high-fashion brand Balenciaga also enabled customers to purchase its products with bitcoin and ether.