Prada launches NFTs on the Ethereum network

Prada delves into the metaverse with its second launch of NFT. The luxury brand plans to launch 100 NFTs on the Ethereum network this Thursday as part of the launch of the Cassius Hirst Timecapsule apparel. The Prada x Cassius Hirst launch will feature unisex button-down shirts in black or white. The corresponding digital collectibles are a GIF of the capsule of white or black pills. NFTs will also reference the launch serial number and include a unique number associated with each physical shirt. The price won't be announced until launch day, but it will be in fiat currency and not cryptocurrency.

This isn't 22-year-old Cassius's first collaboration with the esteemed brand. Previously Prada contacted the artist and created a collaboration for one of the Prada America's Cup sneakers.

The Cassius family is known for their captivating art

The Hirst family is known for their striking and infamous art. Damien Hirst, esteemed artist and father of Cassius, launched a collection called "The Currency" in July 2021. Currently, almost a year later, it has a minimum price of 5,2 ETH ($ 9.360 at the current quotation) for NFT.

The leading artist of the new Prada collection is Cassius Hirst. He is a well-known Gen Z artist who started making spray painted sneakers. After posting her unique footwear on his Instagram, Cassius made celebrities, including A $ AP Rocky, eager to get their hands on a pair of shoes. However, the young artist's real breakthrough came after showing his father a Nike AF1 shoe wrapped in duct tape and vinyl. From there, the father encouraged them to make this artistic work more formal.

Prada's previous NFT initiatives fell on deaf ears

The luxury brand is no stranger to blockchain projects. In the past Prada has collaborated with the Adidas sportswear brand to create the “Adidas for Prada re-source” collection, published in January 2022 on Polygon. However, this collection only saw 468 ETH in total volume traded and its base price is only 0,077 ETH, or $ 140, per NFT.

This collection featured a community-based art project in collaboration with Adidas Originals and artist Zach Lieberman. The collection consisted of user-generated content and artwork owned by the creators.

Conclusions

Prada isn't the only luxury brand to make its way into the metaverse, but its commitment to offering products that are appealing to both Web 3 enthusiasts and traditional Prada lovers brings tech junkies to the Prada brand and loyal of luxury brands to the metaverse. The combination of the unconventional work of a successful Gen Z artist and the known value of a luxury brand could mark the success of Prada's second attempt to enter the metaverse.