NFTs are digital tokens that are encrypted and used to represent the unique ownership of an item on the Blockchain. One of the key functions of NFTs is to demonstrate the uniqueness of a digital item.
Buyers of physical products from Prada’s latest collaboration with Cassius Hirst, son of artist Damien Hirst, will receive a free NFT.
The Hirst family has previous experience with NFT distribution. It was coined in July 2021 when Damien Hirst launched his collection “The Currency,” and it now has a floor of 5.2 ETH per NFT.
A serial number and the numbering of each physical item are combined in NFTs. Owners of the NFT will receive exceptional privileges such as exclusive experiences and first access to new releases.
Because of its security and ease of use, Prada chose Ethereum to distribute NFTs; it should be emphasized that Ethereum is the most popular network for NFT distribution. The establishment of the NFT, a non-profit company formed by LVMH, Cartier, and Prada, is overseen by the Aura Blockchain consortium.
Prada made its first Timecapsule debut in 2019 to launch limited-edition pieces, and prior purchases will be represented in NFT at a later date, according to Prada’s announcement.
Customers in Australia, Austria, Belgium, Brazil, Canada, and the Mainland will be able to purchase Prada Timecapsule. China, Finland, France, Germany, Greece, Hong Kong Special Administrative Region, Ireland, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Republic of Korea, Singapore, Spain, Sweden, Switzerland, Taiwan (China), United Arab Emirates, United Kingdom, United States Only for 24 hours, starting at 15:00 CEST on June 2, 2022.
Prada continues to use NFTs as a product with a free bonus approach aimed at physical product sales.
#PradaTimeCapsule is sold out.
— PRADA (@Prada) June 2, 2022
Follow us on #PradaCrypted and stay tuned for the next drop on July 7th.https://t.co/MgQJmKf1W9 pic.twitter.com/cnys7hRv5N
