Luxury Fashion House Prada Offers Ethereum NFTs to Customers

• Timecapsule releases by Prada, the fashion house, began in 2019.
• Prada will not make customers pick between a digital or physical asset.

Many high-end fashion houses, like Gucci, Balmain, and Balenciaga, have recently announced their interest in the crypto sector, and now Prada has followed suit with the launch of its own NFTs. Prada will issue 100 Ethereum NFTs on Thursday to coincide with the premiere of its newest Timecapsule clothing collection. NFTs are blockchain tokens that represent the ownership of a certain asset.

Individual Unique Serial Number

Customers who purchase tangible merchandise from Prada’s newest collaboration with Damien Hirst’s son, Cassius Hirst, will get a free airdropped NFT. A GIF of a black or white pill capsule appears on the NFTs of the Prada x Cassius Hirst button-down shirts. As well as the drop’s serial number, each actual shirt will have its own unique NFT.

Even though Damien’s debut collection, “The Currency,” was coined in July of last year, the Hirst family is no stranger to NFTs, with the floor price of each NFT now at 5.2 ETH ($9,360). Like Damien’s NFT drop, Prada will not make customers pick between a digital or physical asset—they will get both.

The Aura Blockchain Consortium is behind Prada’s newest NFT drop. LVMH, Prada, and Cartier formed Aura as non-profit organizations. An Ethereum-based blockchain platform called Quorum is used to run ConsenSys Rollups and other blockchain goods. Timecapsule releases by Prada, the fashion house, began in 2019 as a method to release limited edition goods. According to a statement, those who purchased past Timecapsule drops will also get NFTs at a later date.