Italian luxury house Prada has teamed up with sportswear giant Adidas, which had recently plunged into the metaverse, to launch a new NFT project based on the Polygon (MATIC) network. The project will allow fans to create their own non-fungible tokens.
A new high fashion foray into the metaverse
Prada and Adidas Originals have announced that they will be selling a collection of non-fungible tokens (NFTs) designed by artist Zach Lieberman. The auction will be held on the SuperRare (RARE) platform from Friday January 28 to Monday January 31. Proceeds will be donated to a charity that supports artists and creators.
This collaboration between Prada and Adidas is another sign that apparel brands, ranging from high fashion to fast fashion, are rapidly entering the NFT space to offer their customers a digital experience.
US bank Morgan Stanley estimates the total value of the NFT market to reach $300 billion by 2030. The financial institution’s report identifies luxury brands such as Gucci, Balenciaga and Kering as best positioned to profit digital collaborations in the metaverse.
Starting January 24, fans will be able to register to the project with a digital wallet. To create NFTs, they will need to upload a photo and use a filter designed by Lieberman. The project will then choose 3,000 contributors who will also own intellectual property rights to their individual NFTs and can participate in the auction later in the week.
Prada and Adidas have announced that they will also launch their third collaboration baptized ” Adidas for Prada Re-Nylon collection in the metaverse. The press release did not specify which metaverse but, as a reminder, Adidas had worked with The Sandbox (SAND) in the past.
” For Prada, the emerging metaverse is a new space that allows the brand to redefine luxury for future generations and create shared experiences that honor the brand’s spirit of experimentation and creativity. “Explained in a press release Lorenzo Bertelli, director of social responsibility and marketing at Prada.
Meanwhile, casual shoe company Crocs filed on Jan. 11 for a trademark that would allow the company to join the NFT space. In January, clothing store group Gap announced that it had partnered with InterPop to launch its first collection on the Tezos blockchain.
Many high-end brands are already earning millions from the sale of NFTs. In September, Italian haute couture brand Dolce&Gabbana launched its NFT collection, dubbed “ Collezione Genesi “, Who reported about $6 million.
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