TIME FOR NFTs: After its first foray into NFTs with Adidas earlier this year, Prada is further expanding in Web3 with a solo NFT drop, linked to its Timecapsule project.
Debuted in 2019, Timecapsule is a monthly, limited-edition drop of a ready-to-wear product, which is available to purchase exclusively on the brand’s online store just for 24 hours. Each item comes with a serial number and is delivered in custom packaging.
Drawing a parallel between the limited-edition approach of the Timecapsule project and the intrinsic scarcity and desirability of NFTs, the company decided to combine the two in its offering to consumers.
Starting June 2, the purchase of a Timecapsule item will be accompanied by a gifted NFT. Buyers of previous drops, dating back to the very first launch in December 2019, will also receive NFTs.
In particular, next month’s drop will focus on a new collaboration between the brand and artist and musician Cassius Hirst, son of artist Damien Hirst. After unveiling the Cass x Prada collection reinterpreting the Prada America’s Cup sneaker style earlier this month, the two parties teamed to develop a unisex shirt featuring Hirst’s signature mask and brand scan designs.
Available in black or white, the physical garment will come with an NFT that includes the drop’s serial number and the number of each physical item for exact correspondence, as well as to give owners access to additional experiences and future drops.
Whereas each Timecapsule drop is usually limited to 50 pieces, for this launch the supply will be extended to 100 items and likewise NFTs issued on the Ethereum blockchain. For the occasion, the Italian fashion house also launched “Prada Crypted,” its new community server on the Discord social platform, open to everyone.
Prada Timecapsule NFTs leverage the technology of Aura Blockchain Consortium, the collaboration formed last year when LVMH Moët Hennessy Louis Vuitton, Prada Group and Compagnie Financière Richemont joined forces to promote the use of a single blockchain solution open to all luxury brands worldwide. The effort was later joined by OTB Group and, earlier this month, by Mercedes-Benz.