One of the biggest names in fashion is about to become the latest luxury brand to launch its very own NFT collection. None other than the iconic Italian institute, Prada, has confirmed its plans for a drop on Thursday, the second of June.
The legendary fashion house joins an ever-growing list of high-end retailers to jump on board the crypto train, confirming that NFTs are still very much relevant for summer 2022. Since the collection drops tomorrow, now is the perfect time to find out more about it and what it hopes to achieve.
About the Collection
Prada intends to drop a collection of 100 NFTs to coincide with its latest Time Capsule apparel release. The Time Capsule is a monthly event held by the fashion house in which they offer a hand-picked line of clothing for sale over a limited period- 24 hours to be exact. In a first come, first served buying frenzy, the exclusive items are purchased and mailed to the lucky few who manage to secure them.
It always happens on the third Thursday of each month- this week, as it so happens. The June Time Capsule features an original collection of shirts designed for Prada by Cassius Hirst- the son of legendary artist and entrepreneur Damien Hirst. Each one is gender neutral and sports the classic mask and brain scan trademark that Hirst is known for.
What makes this month even more special is the decision to include NFTs. As well as the shirts, Prada is also releasing 100 non-fungible tokens: one to go with each shirt. They are to be airdropped into the digital wallet accounts of each individual buyer, giving the purchase even more exclusivity.
The NFTs will each have a serial number linking them to a specific shirt purchase. They all depict the same thing: a white or black version of the Prada pill capsule. According to sources, owners of the NFTs may be granted exclusive access to future crypto projects, as well as VIP perks and experiences.
Buyers automatically receive the NFT upon confirmation of their physical purchase, so anyone interested in buying should ensure they have a digital wallet set up and ready to receive the airdrop. The collection is based on the Ethereum blockchain and cannot be purchased separately from the Cassius Hirst Time Capsule shirts.
Prada’s NFT History
This is not the first time Prada has been associated with NFTs. In fact, the fashion house is beginning to show a habit of collaborating. It also worked with designer sports brand Adidas earlier this year. In that collaboration, the NFT owners could contribute their own photo, which was then merged with all other selected photos to create a Beeple-style patchwork image.
Additionally, the Hirst name is not new to NFTs. Although this is Cassius’s first major project, his famous father released his own collection around a year ago. It now has an impressive floor price of 5.2 ETH (roughly $9360) per NFT on the SuperRare marketplace.
The Luxury Brand NFT Trend
Prada is far from being a trendsetter in this instance. Many other major fashion players have already joined the NFT movement with collections and drops of their own. Gucci already has a well-established crypto department with its own NFT character, and Balenciaga is already dabbling successfully in the digital to physical NFT space.
Other luxury brands experimenting with NFTs and what they can do for their images include Louis Vuitton, Balmain, Givenchy, and Ray-Ban.
Although this is not Prada’s first move into the crypto world, it is the first time the brand has crossed the physical and digital purchase barrier. By offering potential buyers the chance to own an exclusive Cassius Hirst Time Capsule shirt, as well as a unique NFT with potential future utility, takes Prada up a notch in the crypto space.
When the Time Capsule Collection and associated NFTs launch tomorrow, it will be interesting to see if the digital addition sparks a new type of interest in the pieces and could help Prada branch out into a whole new community.