Prada Partners with Luxury Brands to Create Ethereum NFTs

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Cartier and LVMH support Prada to create Cassius Hirst Timecapsule NFTs

The luxury fashion brand, Prada, is set to showcase its new trend tomorrow, but differently, flaunting NFTs.

With support from the big fashion brands Cartier and LVMH, who sell luxury goods, Prada created unique NFTs to give 100 lucky owners of physical Cassius Hirst Timecapsule shirts.

PRADA’S NEW FASHION STATEMENT

The collection of NFTs display black or white GIFs that showcase Prada’s iconic logo, modelling images of physical button-down shirts. Each digital asset represents minimalist designs to reflect the brand’s luxury style.

The color of the NFTs depends on which physical Cassius Hirst shirts buyers own. For example, black shirt buyers will receive a black Prada capsule, and vice-versa. In addition, the digital artwork shows off splashes of red, similar to the physical goods. 

To ensure each digital asset is safely air-dropped to the correct shirt owner, each item of clothing includes a number associated with each NFT’s serial number.

INCREASING CUSTOMER TRUST

Thanks to funding from Cartier and LVMH, the fashion brand created its Ethereum-based platform using Quorum, ConsenSys Rollups and blockchain-as-a-service to “increase customer trust in the brand’s sustainable practices and product sourcing.”

According to Prada’s official press release, the technological system is a multi-nodal private blockchain that records information securely and non-reproducible. In addition, it generates a unique certificate for its owner, enhancing the desire for beautiful objects made with valuable savoir-faire and high-quality, sustainable materials.

ARE NFTS TRENDY FOR FASHION BRANDS?

In January, Prada released its first-ever NFT project, partnering with Adidas to release ‘Adidas for Prada re-source’. The collection saw 468 ETH in total volume traded, with one NFT costing 0.077 ETH ($140).

Following this, Prada planned to roll out its Timecapsule NFT giveaways shortly after, but the idea took a little longer to fund and compose than initially anticipated.

Other fashion labels are also beginning to notice the benefits of NFTs. For instance, Dolce & Gabbana recently implemented NFTs into its fashion statement, presenting holders with jewelry boxes full of goods.

Luxury brands like Gucci, Balmain, and Balenciaga also follow the Web3 trend.

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