Prada Gears Up for New ‘TimeCapsule’ Collection With NFT Twist

These NFTs will be based on the Ethereum blockchain, which is a popular choice to back these virtual assets.

By Radhika Parashar | Updated: 31 May 2022 16:21 IST

Prada Gears Up for New ‘TimeCapsule’ Collection With NFT Twist

Photo Credit: Twitter/ Prada

Prada shared glimpses of its NFTs with its 1.6 million followers on Twitter

Highlights

Prada’s Timecapsule collection launching later this week
Corresponding NFTs will be airdropped to eligible buyers
Only 100 NFTs are being launched by Prada in this collection

Joining the list of luxury brands venturing into the Web3 space, Italian fashion label Prada is gearing up to take its next step into the NFT arena. The 109-year-old designer brand will be launching 100 non-fungible tokens (NFTs), or digital collectibles, to go along with their physical merch purchase from the new ‘Timecapsule' collection. These NFTs will be based on the Ethereum blockchain, which is a popular choice to back these virtual assets. Both, the Timecapsule collection as well as these NFTs will be released later this week.

Prada's new collection features unisex button-down shirts in black and white colours. These shirts have been designed in collaboration with artist Cassius Hirst, the son of UK's veteran millionaire artist, Damien Hirst.

The NFTs that will correspond with the purchase of these gender-neutral shirts, will be GIFs of a black or white pill capsule. Each NFT will carry a number associated with each physical shirt. Prada will airdrop these NFTs to eligible receivers.

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The high-end fashion mammoth shared glimpses of its NFTs with its 1.6 million followers on Twitter.

From June 2nd #PradaTimecapsule customers will have the chance to become the first owners of Prada NFT by purchasing a Timecapsule product which also sees #NFT gifted. #Prada also launches #PradaCrypted the brand's new community server on Discord. https://t.co/0ZZMaeKL1B pic.twitter.com/WofZryJp2K
— PRADA (@Prada) May 30, 2022

The Aura Blockchain Consortium is backing the NFR drop by Prada.

This non-profit blockchain, headquartered in Switzerland, is designed by three luxury brands — LVMH (Louis Vuitton parent), Prada, and Cartier.

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This is not Prada's first time into the NFT space.

In January this year, it partnered with sportswear brand adidas to release the "adidas for Prada re-source" collection on the Polygon blockchain.

“adidas and Prada reward holders of adidas Originals Into the Metaverse NFTs and bridge the gap for a new community of creators to join the innovative world of Web3,” the shoe brand had said in a statement at the time.

Lately, several luxury labels have been foraying into the digital assets category.

In recent months, Swiss luxury watchmaker Tag Heuer and Gucci started accepting crypto payments for their lavishly expensive products.

Earlier last week, French high-end fashion brand Balenciaga also enabled customers to purchase its products in Bitcoin and Ether.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Prada, NFT, Non Fungible Token

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More