(Rejected) Prada Becomes the Latest Luxury Brand to Enter the Crypto Space as NFT Collection Set to Go Live

Following in the footsteps of Gucci, Balenciaga, and TAG Heuer, Italian luxury brand Prada is set to enter the crypto space on June 2 by rolling out a non-fungible token (NFT) collection.

Through an official statement, the luxury fashion house noted:

“From June 2nd, PradaTimecapsule customers will have the chance to become the first owners of Prada NFT by purchasing a Timecapsule product which also sees NFT gifted. Prada also launched PradaCrypted, the brand’s new community server on Discord.”

Prada’s Timecapsule NFT will comprise 100 Ethereum NFTs and will be released during the company’s latest Timecapsule apparel launch.

Upon buying physical merch from Prada’s newest collaboration with Cassius Hirst, customers will get a free airdrop of the NFT collection. 

The unisex shirts by Prada and Cassius Hirst will be in white or black, and the corresponding NFTs will be in similar colours in the form of GIF pill capsules.

The Aura Blockchain Consortium is the engine behind the NFT drop. It leverages blockchain technology to aid provenance and fight counterfeits. 

To enhance its digital presence, the luxury fashion house has also established a new community server dubbed Prada Crypted. 

Luxury brands are leaning towards the crypto space to woo customers and maximize their satisfaction rates.

For instance, French luxury fashion house Balenciaga recently announced plans to accept crypto payments in selected U.S. stores and its online platform balenciaga.com.

To show its unrelenting quest to enter the cryptocurrency sector, Balenciaga noted that the volatility in the crypto market was not a cause for concern because it was looking at the long-term picture. After all, fluctuations in a currency’s value are nothing new, according to Balenciaga.

Gucci also revealed plans to permit crypto payments based on its goal of adopting new technology.