Luxury fashion company Prada will add a non-fungible token (NFT) component to its monthly Time Capsule Collection event. The brand is also expanding its digital presence through the launch of a community server on Discord, Prada Crypted.
Since December of 2019, on the first Thursday of every month Prada makes a very limited edition item available for purchase in selected markets for 24 hours. There are often only 50 editions available on a first-come, first-served basis. And the piece is delivered in a custom package straight to the purchaser’s door. Starting next week, the purchase will be accompanied by an exclusive NFT. Previous customers will also have an opportunity to be gifted the digital asset.
The first NFT launch this week will have a supply of 100 items, a unique shirt designed in collaboration with artist Cassius Hirst, son of Damien Hirst
Time Capsule’s target customers could shift with the launch of the NFTs. A digital structure, scarcity of the items and futuristic branding are features that already attract a crypto and digital assets inclined audience.
The decision to incorporate digital assets into Time Capsule can at least partly be attributed to Prada’s success in its first NFT venture, which was in partnership with Adidas. In January, the two brands collaborated to make an NFT of 3,000 tiled photos submitted by consumers and brand followers. The final piece was auctioned on the SuperRare digital marketplace.
The latest project has Aura as the technology partner using its new NFT solution. Aura is a consortium of luxury brands, including Prada, which originally came together to use blockchain technology to fight counterfeits and ensure provenance. Recently, the blockchain consortium has been expanding into sustainable sourcing, NFTs and the metaverse.
Meanwhile, other brands incorporating NFTs in their products and services include Adidas launching AI generated avatars for metaverse, and Diesel’s NFT platform for physical and digital wearables.