Prada is launching its 32nd Timecapsule today, the third month it includes an NFT. This drop features a shirt made from a variety of Pradas upcycled fabrics, including a Frankenstein-inspired print created by artist Jeanne Detallante and an NFT of the shirt itself. One Timecapsule NFT holder will gain access to events, including a Prada experience in Milan and an invitation to its September fashion show.
Only NFT owners who are also verified on the Prada Crypted Discord server are eligible to be chosen.
Since December 2019, the Timecapsule initiative has been held monthly by Prada in which limited edition items go on sale for 24 hours in certain markets. There are often only 50 editions available on a first-come, first-served basis. The limited edition physical items have come with an NFT since June 2022,
Before including NFTs with the Timecapsule, Pradas first NFT venture was in January 2022, a collaboration with Adidas which featured 3,000 images from fans.
Considering how Prada has grown its digital presence with Prada Crypted, the brand evidently wants to attract a customer base who are more familiar with digital assets. Arguably, using NFTs will open up new ways for Prada to engage with customers. The unique experiences it plans to attach to its NFTs will increase digital and in-person engagement and create an elite group within its community.
In terms of technology, Prada is a member of the AURA luxury consortium and is using AURA’s NFT solution.
Many other luxury brands have begun experimenting with NFTs as well.. Recently, Tiffany launched NFTiffs, a project exclusively available to CryptoPunk holders. Tag Heuer launched a watch that features owned NFTs on the watch face. In contrast, Bulgari has a more conventional offering that provides access to NFT art for certain watch owners.