Prada to Launch NFTs on the Ethereum Network

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Prada is deep into the metaverse with its second NFT launch. The luxury brand plans to launch 100 NFTs on the Ethereum network this Thursday as part of its Cassius Hirst Timecapsule apparel drop. The Prada x Cassius Hirst drop will feature unisex button-down shirts in black or white. The corresponding digital collectibles are a GIF of the black or white pill capsule. The NFTs will also refer to the drop’s serial number as well as include a unique number associated with each physical shirt. The price won’t be announced until the day of the drop but will be in fiat currency as opposed to crypto.

This isn’t 22-year-old Cassius’ first collaboration with the esteemed brand either. Prada previously reached out to the artist and created a collaboration for one of 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 to Cassius, launched a collection called “The Currency” in July 2021. It currently has a floor price of 5.2 ETH ($9,360) per NFT nearly a year later.

The featured artist within Prada’s new collection is Cassius Hirst. He’s a well-known Gen Z artist who got his start creating spray-painted sneakers. After posting the unique footwear on his Instagram, Cassius had celebrities, including A$AP Rocky, eager to get their hands on a pair. However, the young artists’ real breakthrough came after showing his father a Nike AF1 shoe wrapped in painted tape and vinyl. From there, his father encouraging to make this a more formal artistic endeavor.

Prada’s previous NFT ventures have fallen flat

The luxury brand is no stranger to blockchain projects. Prada previously partnered with sportswear brand Adidas to release the “Adidas for Prada re-source” collection that was released in January 2022 on Polygon. However, that collection has only seen 468 ETH in total volume traded, and its floor price is just 0.077 ETH, or $140, per NFT.

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

The bottom line

Prada isn’t the only luxury brand to make its way into the metaverse, but its commitment to offering products that are attractive to both Web 3 enthusiasts and traditional Prada lovers brings tech junkies to the Prada brand and luxury brands loyalists to the metaverse. The pairing of a successful Gen Z artist’s unconventional work with a luxury brand’s known value could spell success for Prada’s second attempt to join the metaverse.

Looking to get into NFTs, but don’t know where to start? Check out our comprehensive guide to investing in NFTs and get minting today!

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Katie Clinebell has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool recommends Polygon. The Motley Fool has a disclosure policy.

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