With Prada’s Timecapsule merchandise drops tied to NFTs, the brand is diving deeper into the metaverse. Prada’s collaboration with Hirst in particular comes after the brand partnered with the artist in mid-May to create a custom capsule collection of the Prada America’s Cup sneaker, which came in four styles and 22 variables.
Prada’s NFTs will come with a drop serial number and a corresponding number for each physical item. The Prada Timecapsule NFTs are issued on the Ethereum blockchain, and the product release is facilitated by the Aura Blockchain Consortium’s NFT technology, according to the press release. Other luxury brands, including Cartier, Louis Vuitton and Bulgari, are also part of the Aura Blockchain Consortium.
The effort builds on previous NFT projects by the luxury brand. In January, for example, Prada and Adidas Originals teamed up on a user-generated NFT project, which featured art from consumers and creators.
The luxury brand joins other retailers and brands like Gap, GameStop and Pacsun that have experimented with the amorphous concept of the metaverse. It remains to be seen whether brands’ experimentation with the metaverse will appeal to consumers in the long term, but for now, many consumers are unfamiliar with the concept overall and NFTs. An October 2021 report from Forrester found that almost half of U.S. adults (45%) had never heard of NFTs, and 28% of Americans who are familiar with them still don’t fully understand what they are.
– Tatiana Walk-Morris
Get the free daily newsletter read by industry experts
Topics covered: retail tech, e-commerce, in-store operations, marketing, and more.
Is the apparel e-retailer a tech company? Or not?
The retailer celebrates its 90th anniversary this year. And with over $8 billion in sales and IP deals that leverage pop culture, it shows no signs of slowing down.
Subscribe to Retail Dive for top news, trends & analysis
Topics covered: retail tech, e-commerce, in-store operations, marketing, and more.
Get the free daily newsletter read by industry experts
Topics covered: retail tech, e-commerce, in-store operations, marketing, and more.
In an increasingly digital consumer environment, brands need to pick up the pace to stay relevant.
As category players extend lead times and amass inventory to manage delays, they're also building sourcing relationships beyond China and Vietnam.
The free newsletter covering the top industry headlines
Topics covered: retail tech, e-commerce, in-store operations, marketing, and more.
