Prada Launches New Timecapsule NFT Collection
On June 2, the luxury brand Prada launched 100 NFTs for the Cassius Hirst Timecapsule initiative, joining other high fashion brands like Gucci, Balmain, and Balenciaga in embracing non-fungible tokens in their product lines.
Following a “successful first foray” into NFTs with Adidas Originals in January, Prada is introducing NFTs to its own limited-edition Timecapsule product drop collection, the Italian luxury house says.
With the growing Metaverse hype among many luxury brands, Prada is also diving deeper into the Metaverse with its releasing of Timecapsule NFTs Collection. I think why this caught my eye is because it is a very interesting and new concept for a brand to try. This kind of user-generated NFT project can help the brand featured art from consumers and creators. However, it is hard to tell whether Prada could benefit from it in a long-term since according an October 2021 report from Forrester, almost half of U.S. adults (45%) had never heard of NFTs. It remains to be seen whether brands with the Metaverse will appeal to consumers in the long term.
Another thing that caught my eye is 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. I think loyalty and rewards play a key role in Prada’s NFT strategy. This will increase Prada’s customer loyalty.
With the development of digital media, young customers are getting more and more familiar with the concept of Metaverse. I think in the future, Metaverse will continuously to appeal to customers.
