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In Prada’s case, buyers will receive a free airdropped NFT to go along with their physical merch purchase from Prada’s latest collaboration with Cassius Hirst, son of artist Damien Hirst.
The Prada x Cassius Hirst unisex button-down shirts come in black or white, and the corresponding NFTs are a GIF of the black or white pill capsule. The NFTs will refer to the drop’s serial number as well as include a number associated with each physical shirt.
The Hirst family is no stranger to NFTs—Damien’s first collection, “The Currency,” minted back in July of last year and currently has a floor price of 5.2 ETH ($9,360) per NFT, nearly a year later.
Unlike Damien’s NFT drop, Prada’s NFTs from its drop with Cassius will not force buyers to choose between a digital or physical asset—they’ll get both.
The Aura Blockchain Consortium is behind Prada’s latest NFT drop. Aura is a nonprofit founded by LVMH, Prada, and Cartier. It uses Quorum, an Ethereum-based blockchain platform that offers blockchain-as-a-service, ConsenSys Rollups, and other blockchain products.
Prada’s Timecapsule drops started back in 2019 as a way for the brand to launch limited edition items. Buyers of previous Timecapsule drops will also receive NFTs at a later date, according to a statement.
This isn't exactly Prada's first NFT project, though. The brand previously partnered with sportswear brand adidas to release the "adidas for Prada re-source" collection, which released back in January on Polygon (that collection has only seen 468 ETH in total volume traded, and its floor price is just 0.077 ETH, or $140, per NFT).
Prada’s latest foray into NFTs suggests the brand’s focus remains on physical items, with NFTs as a kind of free bonus. While NFTs might still be considered a novelty to some, luxury brands could certainly benefit from product authentication on the blockchain.