This year was marked by multiple companies and brands launching inspiring web3 initiatives. The fashion industry isn’t an exception.
Adidas’ first wearable NFT collection and Louis Vuitton’s historical postcard NFTs highlight the increasing interest of industry stakeholders in leveraging the benefits of blockchain technology for:
According to Matthieu Guinebault, a business journalist specializing in the luxury industry:
“Not a week goes by without a series of fashion brands proudly announcing their entrance into the world of NFTs.”
Prada is one of them.
Launched in June 2022, Prada’s Timecapsule NFT collection revealed the company’s commitment to developing new business opportunities by exploring and deploying blockchain technology.
It all started earlier when Prada introduced Timecapsule. According to the company’s page:
“Debuted on December 5, 2019, in Europe, through 2020 and 2021, Prada Timecapsule presented a limited edition bowling shirt on the first Thursday of every month, an online exclusive for just 24 hours.”
In other words, Prada customers and fans had a 24-hour window each month to access unique, ultra-limited edition item drops on Prada’s website.
In June 2022, though, things changed. Apart from its 100 gender-enteral shirts, created in collaboration with artist Cassius Hirst, Prada included NFTs in its Timecapsule offer. Each NFT was represented by a GIF featuring unique serial numbers of the corresponding physical items.
That’s how Prada Timecapsule transformed into Prada Crypted.
As the brand website indicates:
“Launched for the first time on December 5, 2019, Prada Timecapsule is now renewed by entering a new phase and expanding its creative presence in the Web3 with the Timecapsule NFT Collection: a limited-edition physical item and a gifted NFT will be presented on the first Thursday of each month, available for 24 hours.”
And that’s not all.
Kati Chitrakorn, Retail and Marketing Editor at Vogue Business, notes:
“Loyalty and rewards play a key role in Prada’s NFT strategy. Anyone who previously bought Prada’s physical Timecapsule pieces will also be gifted corresponding NFTs, giving access to exclusive benefits and experiences, to be revealed on the brand’s new Discord community server “Prada Crypted” and their website.”
Compared to other companies, Prada’s executives are looking beyond NFTs as a trend, searching for different utilities that could help strengthen the connections between the brand and its community.
For example, Parada’s 32nd Timecapsule drop included one NFT granting access to events, including a Prada experience in Milan and an invitation to its September 2022 fashion show.
In his interview with Vogue Business, Lorenzo Bertelli, the future successor of the Italian fashion house Prada, said:
“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.”
Finally, it’s worth mentioning that Prada’s Timecapsule NFT Collection includes a limited-edition physical item and a gifted NFT. In other words, people don’t have to buy Prada’s NFTs.
However, they can trade them on OpenSea and generate revenue.
