While the days of collecting NFTs for collectability’s sake night be numbered, fashion brands are quick to create desirability by offering more utility and value, such as the opportunity to claim an exclusive physical item or a novel experience within the brand’s ecosystem. Here, luxury fashion brand Prada is quick on the uptake. Following a successful NFT collaboration with Adidas Originals, Prada issued NFTs on Ethereum blockchain, facilitated by the Aura Blockchain Consortium, a non-profit founded by LVMH, Prada and Cartier.
This week, Prada announced its latest Timecapsule NFT collection, which it has used to link NFTs to items like special-edition shirts. Going back in time, Prada first launched Timecapsule on December 5, 2019 in Europe. Till date, the Timecapsule presents a new physical item on the first Thursday of every month, an online exclusive for just 24 hours. A special logo created by OMA, the architectural studio founded by Rem Koolhaas, together with a serial number and custom packaging, makes each drop unique. While all the shirts are made using the same methodology, the different treatments in combination with the denim ageing process give rarity to each garment. And, the gifted NFT accompanying each shirt serves as an invitation to join Prada’s Crypted NFT community.
To keep consumers engaged, a luxury fashion brand needs to constantly create new value and both loyalty and rewards play a key role in Prada’s NFT stratagem. The luxury fashion brand is aware that the additional value has to justify the price tag — on November 9 and 10, 2022 Prada will host the eighth iteration of Prada Mode in Dubai, featuring an art installation by Damien Hirst. The event will be open only to Prada Timecapsule community members. On December 1, Timecapsule NFT Holders will be given the opportunity to attend Art Basel in Miami.
‘ “Everyone is looking for, ‘Why do I get that NFT, how is it increasing in value and how do I get more out of it than I paid?’ That’s fair,” Juergen Alker, head of Highsnobiety’s NFT studio, which advises brand partners on web3 projects, told BoF.
So, what are you waiting for? The Timecapsule opens for 24 hours on the first Thursday of every month. During the sale, a limited number of items are available on prada.com. Each item has a unique serial number and on receipt, customers can use it to redeem their NFT. The NFT features details of the drop, including a serial number for the physical item. For more details, log on to www.prada.com/prada-crypted or www.discord.gg/prada
I worked with Condenast India as Digital Editor and launched Vogue India’s portal. Four years later, I turned entrepreneur and launched my luxury portal www.explosivefashion.in. Perhaps it’s my vision and exclusive content that’s placed Explosive Fashion at the forefront of luxury: reporting from fashion weeks, collaborating with luxury brands, presenting royal families’ vision, championing talent, reviewing hotels and restaurants, writing on travel, heritage. My editorial is of a storyteller, the story of the person behind the brand.