Prada will launch 100 NFT on the Ethereum network this Thursday to accompany the launch of the Timecapsule collection.
NFTs are encrypted digital tokens that signal the unique ownership of an asset on the Blockchain. One of the main features of NFTs is to show the originality of a digital asset.
Prada will give a free NFT to buyers of physical merchandise from Prada's latest collaboration with Cassius Hirst, son of artist Damien Hirst.
The Hirst family has experience in the distribution of NFT. When Damien Hirst launched the collection "The Currency" it was coined in July 2021 and currently has a floor of 5.2 ETH per NFT.
NFTs integrate a serial number and the numbering of each physical item. NFT owners will enjoy special benefits such as exclusive experiences and priority for future releases.
Prada chose Ethereum to distribute NFTs given its security and ease of use, it should be noted that Ethereum is the most popular network for NFT distribution. The Aura Blockchain consortium oversees the launch NFT, which is a non-profit organization founded by LVMH, Cartier and Prada.
Prada's first Timecapsule appearance was in 2019 to launch limited edition items and previous buyers are planned to receive representation in NFT at later dates, Prada’s statement said.
Prada Timecapsule will be available to customers located in Australia, Austria, Belgium, Brazil, Canada, Mainland China, Denmark, Finland, France, Germany, Greece, Hong Kong S.A.R., Ireland, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Republic of Korea, Singapore, Spain, Sweden, Switzerland, Taiwan (China), Turkey, United Arab Emirates, United Kingdom, United States. Only for 24H from 2 June 2022 at 15:00 CEST.
Prada continues to use NFTs as a product with a free bonus approach focusing on the sale of physical products.
Source: Prada, Twitter