Ah, Prada….fashion line, globally-recognized status symbol and now NFT entrepreneurs?
Along with Hollywood and the sports world, fashion has these days developed a bit of a fondness for NFTs. From Paco Rabanna to Harvey Nichols, many big players in the fashion world have taken the leap into NFTs.
Prada seems to be the latest of these as it was announced that the legendary fashion line will be launching an NFT collection on June 2, 2022. This NFT collection will be part of a time capsule fashion collaboration with Cassius Hirst, an artist who has worked with NFTs in the past.
Prada’s New NFTs
These NFTs will not be stand-alone offerings but instead, will be tied to Prada’s new Prada x Cassius Hirst collection. This collection will consist of unisex button-down shirts and each NFT will signify ownership of a piece.
Each Ethereum-based NFT will come with a dedicated serial number that is tied to the number of the shirt it is connected to. Once a customer buys any piece from the collection, they will be given an NFT as well which will feature a digital GIF of a white or black capsule.
The price for the NFTs is expected to be announced on the day of the sale itself.
In total, 100 NFTs will be released and this marks Prada’s second NFT project. The brand has previously released its “adidas for Prada re-source” collection in January 2022 which was a collaboration with Addidas and was based on the Polygon blockchain.
Clearly, the brand plans to keep the NFT train going as those who paid for previous capsule collection pieces can still receive NFTs. As for Cassius Hirst, the artist collaborating with Prada for this collection, he also has past experiences with NFTs.
Damien Hirst, his father, has released NFT collections in the past and the passion obviously runs in the family. NFTs have been leveraged in different ways by fashion brands, from Louis Vuitton’s mobile game to Paco Rabanne’s auction to fund its archives.
But giving NFTs as part of a clothing sale is perhaps a new frontier not just for Prada but for the industry as a whole. It normalizes NFTs in a very grounded way and tying them to a physical product we are all familiar with makes them a core part of the shopping experience.
This experimentation with NFTs in the fashion industry is a rather interesting development. Because NFTs are still relatively new in the space, various brands are trying to figure out what exactly to do with them.
Should they be tied to physical items? Sold on their own? Given away for free? These questions are yet to be answered but as time goes on, we will see even more fashion brands on the level of Prada dive into the space.
For fashion buyers, this is not only an evolution to watch but a unique chance to buy as well, whether on their own or with a capsule collection.