With the new Timecapsule NFT Collection, Prada expands and expands its creative presence in the Web3 space.
Prada Timecapsule NFT Collection
Prada’s Timecapsule collection was initially launched on December 5, 2019, in Europe. The collection occasionally presents an online exclusive on the first Thursday of every month.
Prada has expanded its vision for the time capsule collection by launching into the Web3 space with a new timecapsule NFT collection. Each timecapsule drop will be accompanied by a gender-neutral tangible object as well as a complimentary NFT, a GIF of the capsule video that serves as the digital counterpart to the physical item.
In collaboration with Cassius Hirst, the timecapsule NFT collection drop features a ‘once-off unique technical fabric’ shirt. The shirts are available in both black and white, decorated with Cassius Hirst’s signature mask and brain scan designs, both symbolizing unity and togetherness
“There is a synergy between the Prada Timecapsule and the scarcity and desirability of NFTs,” Prada said in a statement.
Prada’s NFT strategy emphasizes loyalty and prizes. Prada’s tangible Timecapsule pieces will be accompanied by corresponding NFTs, which will grant access to exclusive advantages and experiences that will be unveiled on the brand’s new Discord community server “Prada Crypted” and their website. Web3’s open access and entrepreneurial credo include trading, which allows owners of donated NFTs to sell them on the secondary market.
The Timecapsule debuts five months after Prada released its first NFT, a partnership with Adidas Originals, on Polygon, a platform known for its low electricity use. The Aura Blockchain Consortium, a non-profit created by LVMH, Prada, and Cartier, facilitates the issuance of Prada’s latest NFTs on the Ethereum blockchain, which the brand claims provides “a safe and user-friendly experience.”
“Many people in luxury made the mistake in the past thinking that it was not so relevant. Like social media, I don’t think that NFTs are good or bad, but they are a digital tool and it depends on how you use them,” Lorenzo Bertelli, the son of Miuccia Prada and Patrizio Bertelli, member of the marketing and corporate social responsibility at Prada Group, previously told Vogue Business.
Prada is one of a rising number of premium brands that are combining digital and physical products. Gucci announced last week that digital copies of its archive-inspired Blondie bag are now available at its new Gucci Town location on Roblox. In the future, Prada might use RFID (radio frequency identification) microchips to connect tangible objects to an NFT, which it has already begun to do with its bags.
