Luxury Fashion Brand Prada will release Ethereum NFTs
Prada will release 100 Ethereum NFTs along with its Timecapsule collection next Thursday. NFTs are unique blockchain tokens that represent ownership of a digital asset.
Luxury brands like Prada have affluent taste, so it makes sense for brands like Prada to enter the NFT and metaverse space. It's not just about chasing after shiny objects; it's a marketing strategy.
Those who purchase Prada's latest collaboration with Cassius Hirst, son of artist Damien Hirst, will receive a free airdropped NFT along with their physical merchandise purchase.
Timecapsule NFT, the brand's new project for Web 3.0, will be released on June 2, which is an upgrade of Timecapsule, which started in December 2019. The statement says that previous Timecapsule buyers will also receive NFTs in the future.
The Prada x Cassius Hirst unisex button-down shirts are available in black and white, the GIFs that correspond to the shirt drops will be black and white. The NFTs will be randomly assigned based on the drop's serial number as well as the shirt's number.
NFTs aren't a requirement by any means; they're just a kind of bonus for Prada. While NFTs may still be seen as a novelty to some, luxury brands have a good chance of profiting from blockchain-based product authentication.
Although this is Prada's first NFT collaboration, it was previously partnered with sportswear brand does, which released the "Prada for Adidas Re-source" collection on Polygon in January.
CBW - External Analyst