Prada expands its Web3 offering with a product-related NFT drop and the launch of Discord

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After a “successful first foray” into NFTs with Adidas Originals in January, Prada is introducing NFTs to its own collection of limited-edition Timecapsule products, the Italian luxury house said.

The Timecapsule initiative, which debuted in December 2019, hits Prada’s e-commerce site on the first Thursday of every month, available for 24 hours only. Launching this Thursday, June 2 will be a neutral shirt designed in collaboration with artist Cassius Hirst, son of artist Damien Hirst, this time with a free NFT to accompany their physical product, a growing preference for the luxury industry .

The black or white shirt, with Hirst’s mask and brain scan patterns, and matching NFTs of a GIF of a black or white time capsule, will feature a unique serial number corresponding to the physical item. Prada will reveal the price of the shirt on launch day. A hundred shirts and NFTs on the Ethereum blockchain are planned, double the usual number.

Loyalty and rewards play a key role in Prada’s NFT strategy. Anyone who has previously purchased Prada’s Timecapsule physical coins will also receive corresponding NFTs, granting access to exclusive benefits and experiences, which will be revealed on the brand’s new Discord community server “Prada Crypted” and their website. Trading, which is part of Web3’s open access and entrepreneurial mantra, means owners of gifted NFTs can sell them on the secondary market.

“There is a synergy between the Prada Timecapsule and the scarcity and appeal of NFTs,” Prada said in a statement.

Photo: Prada

James T. Quintero