This audio is generated automatically. Please let us know if you have any comments.
Diving brief:
- Fueling the growing hype among brands, Prada is launching a Timecapsule NFT collection, which includes gender-neutral physical products and a non-fungible token, the company announced in a press release emailed Monday to Retail Dive. The brand is also launching Prada Crypted, a community server on Discord where Prada fans can chat about fashion, art, movies, music and Web3.
- The brand will host a monthly 24-hour online event, starting June 2, where shoppers in select regions will be able to purchase limited-edition Timecapsule items from its website. June 2 time capsule drop will feature black and white shirts with artist Cassius by Hirst designs for masks and brain scans.
- Customers who purchase Timecapsule products can receive their own Prada NFTs, according to the press release. Prada NFT holders will be able to access exclusive benefits and future product releases.
Overview of the dive:
With Prada’s NFT-related Timecapsule merchandise drops, the brand is diving deeper into the metaverse. Prada’s collaboration with Hirst notably comes after the brand in partnership with the artist in mid-May to create a custom capsule collection of Prada America’s Cup sneakers, which comes in four styles and 22 variables.
Prada NFTs will come with a serial number and corresponding number for each physical item. Prada Timecapsule NFTs are issued on the Ethereum blockchain, and the product release is facilitated by NFT technology from the Aura Blockchain Consortium, according to the press release. Other luxury brands, including Cartier, Louis Vuitton and Bulgariare also part of the Aura Blockchain Consortium.
The effort builds on the luxury brand’s previous NFT projects. In January, for example, Prada and Adidas Originals teamed up for a user-generated NFT projectwhich featured artwork from consumers and creators.
The luxury brand joins other retailers and brands like Difference, GameStop and pacsun who experimented with the amorphous concept of the metaverse. It remains to be seen whether the experimentation of the metaverse by brands seduce consumers in the long term, but for now, many consumers are unfamiliar with the whole concept and NFTs. A Forrester October 2021 Report found that nearly half of American adults (45%) had never heard of NFTs, and 28% of Americans who know about them still don’t understand what they are.
