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Prada become the latest luxury brand to release NFTs

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Prada become the latest luxury brand to release NFTs
Prada become the latest luxury brand to release NFTs

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Non-fungible tokens (NFTs) have become increasingly popular over the past year. The growing popularity of NFTs has been adopted by some of the most luxurious brands globally, including Balenciaga, Balmain, and Gucci.

Prada is joining these companies, and it is moving into the world of NFTs. Prada is planning to release its own NFT collection that will compete with the already released ones.

Prada launches NFTs

Prada has announced it will be releasing 100 Ethereum NFTs that will be unveiled alongside the launch of Timecapsule apparel. NFTs have become quite popular across different industries because these assets are a sign of the ownership of an asset.

Those who buy the Prada NFTs will get a free airdropped NFT alongside the physical purchase of merchandise from the latest partnership with Cassius Hirst. The Prada x Cassius Hirst shirts are available in black and white, and the NFTs will be a GIF of the black and white pill capsule.

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The NFTs will reflect the serial number of the NFT drop and include a number linked to each physical shirt. The Hirst family has become quite popular with NFTs, given that in July last year, it launched “The Currency” NFT minted in July 2021, with a floor price of 5.2 Ether (ETH).

The Prada NFT drop will give the buyers access to digital and physical assets. The recent NFT drop was released via the Aura Blockchain Consortium. Aura is a non-profit organization created by Cartier, LVMH, and Prada. The consortium uses Quorum to offer blockchain-as-a-service and a wide range of other blockchain products.

Prada first unveiled the Timecapsule drop in 2019 to release limited collections. The buyers of the previous Timecapsule drops will be eligible for these NFTs to be released later.

Prada’s venture into NFTs

This is not the first time that Prada is venturing into NFTs. Previously, the company had partnered with Adidas to release the “Adidas for Prada re-source.” The collection was released in January on the Polygon network.

The latest move by Prada into NFTs shows that the brand has paid close attention to its physical collection. NFTs are only a free bonus for customers. NFTs are controversial, but they have gained a new use case for luxury brands that use them to authenticate their products using blockchain technology.

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