Prada Partners with luxury Brands to create Ethereum NFTs

Luxury houses creating NFTs or investing in the Metaverse isn’t new. Gucci pioneered using the Metaverse by working with Roblox and purchasing virtual real estate in The Sandbox.

Let’s talk about Prada and its newest partnership with Cassius Hirst, which would mark their second foray into the world of NFTs. This isn’t Prada’s first rodeo into the crypto space, but it might be their biggest one so far.

What do Prada’s newest NFTs mean for luxury fashion brands as a whole?

Let’s take a look today at What are NFTs:

What is an NFT in the Prada Timecapsule NFT drop?

Timecapsule NFTs are meant to be a monthly online event for 24 hours. An exclusive item will be made available on Prada’s official website in minimum quantities, in selected markets, and on the first Thursday of every month.

Part of the Prada NFTs dropped include the Prada x Cassius Hirst collection, which features button-down t-shirts available in black or white colors. Their associated NFTs are a GIF of the pill capsule. Each of them also comes with a physical shirt and the drop’s serial number.

The unique serials are an important part of the exclusive experience Prada wants to create for their customers, and upon purchasing the Timecapsule products, the owners will also become holders of the first Prada NFTs.

They dropped 100 Ethereum NFTs June 2nd as part of their digital strategy to increase brand loyalty among their consumers.

For those wondering what are the best NFT collections dropped by Prada, click here.

Previous collaborations and NFT drops

Prada has always been an innovative company when it comes to fashion, and adapting Blockchain technology is yet another block in the chain between fashion NFTs.

They are among the lead luxury fashion houses on how to make a NFT that also serves as a physical asset for customers.

Cassius Hirst is the son of Damien Hirst, the UK’s richest living artist. Cassius Hirst, 22, was contacted by Miuccia Prada for the collaboration. He had previously worked with Prada to create a limited-edition run of Prada America’s Cup sneakers.

Damien Hirst had also collaborated with NFTs in the past. Prada itself had dropped NFT collections in the past, collaborating with Adidas.

#PradaCrypted Discord

Prada went further ahead than many of its contemporary luxury brands in creating a Discord community titled #PradaCrypted.

Men’s magazine GQ also opened a Discord server using the web3 corporate name GQ3. There’s also streetwear magazine Highsnobiety, which launched a Discord server and even opened an ENS domain for its web3 business.

Fashion brands now have renewed opportunities to provide customers with early access to products, discounts, and exclusive events through NFTs. NFT enthusiasts have labeled them as the future of eCommerce.

Furthermore, fashion brands can create excitement for a new product launch using NFTs and Web3. Collaborations are common in the fashion world, and most brands that collaborate with web3 brands tend to do so with artists or Metaverses.

However, one of the main drawbacks of fashion NFTs being used in the Metaverse is that many of them aren’t interoperable. Unlike Metaverse games, you can’t quickly transfer luxury fashion NFTs worn by your avatar between Metaverses.

Hopefully, luxury fashion brands will be able to solve this issue in the coming months to attract more attention to the Metaverse as a medium for fashion.

What does this mean for the future of fashion NFTs?

Prada’s second foray into the world of NFTs is yet another step in the right direction for the future of fashion NFTs.

Fashion brands have taken the physical and digital dual experience approach toward NFTs. This approach ensures that NFT buyers receive a physical item on top of a digital one, as was the case for Prada’s collection.

NFTs are being used as a bridge between the physical and virtual worlds, but there’s also a big use case for luxury fashion items being used in the Metaverse as clothing for gaming avatars.

In another related example, Forever 21 created a game that allowed users to open a Forever 21 store in the Metaverse.

Other luxury brands have expressed continuous interest in exploring how Web3 can benefit their exposure to their customers. Many of them are already in the Metaverse or planning on leaping to reach the alternative virtual reality.

Another case study for NFTs in fashion includes the NFT token being converted into a key for access to exclusive features and benefits, a trait adopted by Paris Fashion Week, where participants and people invited to the event received utility NFTs that provided them with AR presentations.

Providing NFTs to a brand’s client roster is a strong marketing tool for capsule collection or opening events in stores.

The fact that Prada developed a Discord for the collection further reinforces this train of thought: NFT projects create Discords to establish a community.

Blockchain helps combat fashion counterfeiting.

Luxury brands tend to struggle the most among fashion brands with the issue of counterfeits.

When fashion brands issue NFTs, luxury consumers possess proof of purchase and proof of authenticity of the item. The LVMH group has already supported blockchain companies such as Arianee, GoodsID, and Aura.

Blockchain technology represents a tool for fashion brands to fight counterfeiting. NFTs exist in the tamper-free Blockchain and cannot be easily replicated. On top of that, each NFT comes with its own digital certificate of ownership.

It’s hard to falsify a Metaverse Prada t-shirt from the Prada TimeCapsule NFTs x Cassius Hirst collection if its digital certificate of ownership is readily available for its owners.

Final words about Prada NFTs

Prada NFTs are an example of how fashion brands can create brand excitement for a new product launch using NFTs.

The Prada Timecapsule NFT Collection is another example of how NFTs can be used to increase brand loyalty and create unique experiences. Every month, there’s a new drop to be expected.

Check out our other guides on What are NFTs and how other fashion brands are using them for their campaigns here.