The company devised this unusual twist for the June edition. Those who purchase one of only 100 black and white button-down shirts designed by Cassius Hirst, son of renowned British artist Damien, will receive an NFT (non-fungible token) as part of the experience.
They’re basically GIFs of the black and white capsules that Prada uses to brand these events, and they’re also being made available to previous edition buyers. Many businesses are experimenting with NFTs, such as Nike digital sneakers and virtual collectibles from sports clubs such as AC Milan. Balenciaga is another luxury fashion house that offered a collection of NFT accessories for Fortnite gamers to wear. Gucci, for example, sells a digital bag for more than its physical counterpart (US $4,115 vs. US $3,400), implying that Prada NFTs could be valuable if resold. In terms of numbers, total NFT sales for 2022 are expected to be around 90 billion euros, more than double that of 2021, despite the fact that markets are currently sinking. Early steppers The brand-new swing NFTs are online assets that are typically digital items such as artwork, images, or videos. People can buy and sell NFTs on online marketplaces such as OpenSea, LooksRare, and Magic Eden. Celebrities such as Snoop Dogg and LeBron James fueled the hype by issuing their own NFTs. The NBA and NFL were among the first to enter this market. They sold collectible cards of sporting heroes, clips of classic moments, and even jerseys autographed by players. NFTs took advantage of a devoted fan base by providing them with rare assets. In the coming years, NFTs are likely to merge with the virtual worlds of the metaverse, with many of them becoming usable there.
Nike’s Manga strategy
Is there a red light ahead?
Recently, the market for NFTs has declined significantly in terms of both prices and volumes, mirroring everything else in the stock market and cryptocurrencies. Many collectors will be sitting on assets that were worth a lot more a few months ago but have now dropped in value.
The reverse trend of NFT made its traders question its vulnerability, and the space is now said to be similar to gambling.
Many brands are still unsure whether NFTs are capable of gobbling up the sales of their physical products.
Nike has been especially foresighted, purchasing NFT pioneer RTFKT studios late in 2021. RTFKT made its name with CloneX, a collection of Manga-style 3D NFT characters that now sell for tens of thousands of dollars.
