Prada unveiled the next step in its Web 3.0 development strategy.
The launch of the Prada Timecapsule NFT collection on June 2 marks an evolution of the brand’s pre-existing Timecapsule initiative established in December 2019. The monthly online event, which takes place on the first Thursday of each month, features an exclusive item and in an ultra-limited edition on the Prada website. website, available for 24 hours only.
However, the June 2 drop is different. Its 100 gender-neutral shirts, designed in collaboration with artist Cassius Hirst, son of Damien Hirst, come with a gifted NFT – a GIF featuring the unique serial number of the corresponding physical item. The price will not be announced until the day of the drop but, for the record, it will be in Fiat currency as opposed to crypto.
But this is where the idea becomes even more disruptive. In a second step, all people who have purchased the physical Prada Timecapsule since its launch in 2019 will also be offered the corresponding NFTs.
NFT utilities will be revealed in due course via Prada Crypted, the brand’s new community server on Discord, live from today. Although said NFTs are offered, holders have the option of selling them on the secondary market.
While many brands – luxury or otherwise – strive to join the conversation around NFT and the metaverse space, it can often be just a matter of ticking a box.
Additionally, the primary focus tends to be on acquiring new, Web 3.0 native customers – rewarding those who are “ahead” with whitelists and the like.
Prada, however, has reversed this idea. Rather than aiming for a new market, Prada is rewarding its already loyal and more traditional customers who have supported it from the start, integrating its NFT strategy into a pre-established physical initiative in the process.
Gucci is also looking to combine past and future with its online concept store Gucci Vault, but the strategy is very different. Gucci Vault works alongside the brand’s ongoing metaverse programming. For example, Gucci Vault is currently selling vintage versions of its archive-inspired Blondie bag, while digital versions of said bag are offered at its new destination Gucci Town on the Roblox gaming platform.
Gucci is targeting Web 3.0 natives who are already entrenched in the gaming community. According Fashionable Business, the digital bags will be available for purchase on Roblox for one week in June, but only after users have played 100 mini-games, created 45 artworks, voted for 100 artworks, and completed 18 scavenger hunts. daily treasure. While this certainly increases engagement and prevents speculators from buying just to return, it attracts a different type of consumer.
Aside from the gaming industry, metaverse-related projects with longevity are those that offer real utility, have brand and creative integrity, and attract a following that existed long before anyone even heard of an NFT and which will remain after the hype has died down.
Prada’s donation strategy is also a way to bring in metaverse refuseniks or simply those who might not naturally be drawn to new Web 3.0-related technologies. This is a smart approach also taken by Philipp Plein.
Plein argues that Web 3.0 will only be truly successful once it is widely adopted, and to that end it offers NFTs a physical product.
By September, he says, 30% of his products will be automatically linked to an NFT. Like those from Prada, these can be kept or resold on the secondary market.
Prada’s Timecapsule NFT Project is Built on Ether
Prada resource, Prada’s first foray into NFT culture in January took an equally disruptive approach. The community art project in collaboration with adidas Originals and artist Zach Lieberman featured user-generated content and creator-owned artwork.
This new Prada Timecapsule collection follows Cassius Hirst’s recently launched Cass x Prada reinterpretation of the Prada America’s Cup sneaker. The Timecapsule shirt features Hirst’s signature mask and brain scan designs.