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Prada to add NFTs in monthly Time Capsule project
Prada will add a non-fungible token (NFT) component to its monthly Time Capsule Collection event, where it offers a very limited edition item for purchase in selected markets for 24 hours.
The luxury fashion company is also expanding its digital presence through the launch of a community server on Discord, Prada Crypted.
Since December of 2019, Prada would make 50 limited editions available on a first-come, first-served basis on the first Thursday of every month.
The pieces are delivered in a custom package straight to the purchaser’s door.
The purchase will be accompanied by a unique NFT starting next week. Previous clients will also be eligible to receive the digital content as a gift.
The first NFT release this week will be a limited-edition tee developed in conjunction with Cassius Hirst, Damien Hirst's son.
With the introduction of the NFTs, Time Capsule's target clients may change. A digital structure, item scarcity, and futuristic branding are all aspects that appeal to crypto and digital asset enthusiasts.
Prada's choice to include digital assets in Time Capsule can be ascribed in part to the success of its first NFT endeavor, which was in collaboration with Adidas. The two businesses worked in January to create an NFT comprising 3,000 tiled photographs supplied by customers and brand fans. The final piece was auctioned on the SuperRare digital marketplace.
The latest project has Aura as the technology partner using its new NFT solution.