- Prada will launch its first NFTs on June 2 as part of its monthly Timecapsule collection.
- The collection is the latest Prada x Cassius Hirst collaboration, which consists of unisex button-down shirts and comes in black or white.
- Timecapsule is a limited edition of shirts that Prada launches every first Thursday of the month, which is given exclusively online for only 24 hours.
More and more luxury companies are deciding to venture into the world of non-fungible tokens (NFTs). The reason probably has to do with NFTs are a tool that makes the brand even more exclusive.
It is so prada, Italian luxury fashion house, announced that on June 2nd, he will release his first NFTs along with his latest Timecapsule clothing release.
Time Capsule Collection
For those who don’t know, Since December 5, 2019, Prada has adopted a strategy that consists of launching an exclusive article online for only 24 hours on the first Thursday of each month. This strategy has been applied throughout 2020, 2021 and, now, 2022.
Generally, only 50 editions are available on a first-come, first-served basis. Through the prada archivesit is possible to see which were the limited edition items that were released for sale each of the first Thursday of the month since December 2019.
However, as of June 2, Prada will incorporate a different factor: Yes, NFTs.
A collection of only 100 pieces
The goal behind Prada’s strategy is simple: Sell exclusivity, luxury and authenticity. And, as many will know, NFTs are perfectly suited to this.
This is how on the first Thursday of June 2022, 100 NFT will be launched on the Ethereum Blockchain along with the clothing launch. However, the NFTs will not be for sale, only the clothes and, for each garment, you will be given a “free” NFT.
The collection is the latest Prada x Cassius Hirst collaboration, son of artist Damien Hirst. Button up shirts are unisex and come in two colors, white or black.
The NFT image will be a black or white GIF of the capsule. But, more importantly, each NFT will reference the delivery serial number and will include a number associated with each physical jersey. por what will prove the ownership and authenticity of the piece of luxury clothing by Prada.
The collection will only be available for purchase 24 hours after the launch which will be at 3:00 PM CEST on June 2, 2022.
At the moment there are no more details such as what the price per item will be, but it is known that the purchase will be made in some fiduciary currency and not in cryptocurrencies.
It is also unknown what the utilities that the NFTs launched will be, as has been the case with other brands, in which the clothes purchased can be used in various methods. According to Prada, this will be announced through prada cryptedthe brand server on Discord which has 1,338 members and is on the rise.
Luxury brands and NFTs
Since 2020, NFTs have drawn the world’s attention, so much so that they have gained market share in the world’s art market. Particularly because of their inherent characteristicsNFTs have managed to fit in quite well with luxury companies.
While many fashion companies such as Gucci, Adidas and Prada have decided to adopt NFTs, it is not yet known for sure if this will be the future. In many cases it could even be a question of entering the nascent market to get an advantage if it works.
However, Prada’s strategy has been particularly interesting. The Italian fashion house is not launching an NFT collection like other brands have done. You are actually rewarding your loyal customers. Consequently, it will be interesting to assess how you are received by your community.
Regardless of this, more and more fashion brands are entering this world. But, the question remains the same, do the future of NFTs and fashion align?
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