Prada Becomes the Latest Fashion Brand to Launch NFTs

Luxury fashion brand Prada is launching NFT's, available for free to those who purchase items from its Time Capsule initiative.

The NFT will be part of the brands ongoing Time Capsule initiative which was originally launched in December 2019. It drops limited edition physical products on Prada's e-commerce site on the first Friday of every month.

Prada dropped shirts on their website that comes with a free NFT that is designed like a pill capsule and backed up on the Ethereum blockchain. There will be 100 shirts and NFTs in total.

The new clothing range has been designed by artist Cassius Hirst. You can grab either a black or white button-down unisex shirt. These gender-neutral shirts, featuring Hirst's signature mask and brain scan designs, will be paired with NFTs of a GIF that shows a black or white time capsule. These NFTs will feature a unique serial number corresponding with the physical item.

Loyalty and rewards are a key part to Prada's NFT strategy. Anyone that has purchased previous or recent NFT's will also be gifted exclusive benefits and experiences. These exact rewards are yet to be revealed on the brand's new community server “Prada Crypted” and their website.

“There is a synergy between the Prada Time Capsule and the scarcity and desirability of NFTs” Prada said in a statement.

As it seems NFTs are the new phenomenon that luxury brands are getting their hands on. “Many people in luxury made the mistake in the past thinking that it was not so relevant Like social media, I don’t think that NFTs are good or bad, but they are a digital tool and it depends on how you use them,” Lorenzo Bertelli, previously told Vogue Business.

In recent years, the community of luxury brands to dabble into NFTs has been growing exponentially. Whether you like the growing trend in NFTs or not, they seem to be here to stay regardless. They may even be a worthy investment for the future. We expect Prada’s new collection will sell out fast so act quickly, or you may miss out forever.

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Edited by Thomas Bracken