Italian fashion brand Prada and sportswear giant Adidas, a recent foray into Metaverse, have teamed up to launch a new non-fungible token (NFT) project on the Polygon (MATIC) network. The new feature will allow fans to contribute their own designs.
Prada and Adidas said they will be auctioning a collection of NFTs designed by digital artist Zach Lieberman on the SuperRare market from January 28 to February 3. Proceeds from the auction will be donated to charities that support artists and creators.
This partnership between the two companies is another sign that clothing brands — be it haute couture or “fast fashion” — are making inroads into this new virtual market, trying to offer customers a more digital experience.
Morgan Stanley predicts that the NFT market is expected to reach $300 billion by 2030. The company’s report noted that luxury brands such as Gucci, Balenciaga and Kering are in the best position to profit from digital collaborations in virtual worlds.
Starting January 24, fans will be able to register in a digital wallet using filters designed by digital artist Lieberman to create and mint NFTs by submitting photos. The project will then select 3,000 contributors who will also own the intellectual property for their respective tokens and will be able to participate in that week’s launch.
luxury virtual world
Prada and Adidas say they will also release their third collaboration in the Metaverse, dubbed the “Adidas for Prada Re-Nylon Collection.” In the press release, the company didn’t say what the Metaverse is, but Adidas has worked with The Sandbox (SAND) in the past.
Lorenzo Bertelli, Chief Marketing Officer and Head of Corporate Social Responsibility, said: “Prada sees the emerging metaverse as a new space for brands to redefine luxury for the next generation and foster shared experiences that celebrate the brand’s spirit of experimentation and creativity.” Prada Statement to CoinDesk.
On January 11, shoe company Crocs filed a trademark application to expand its business into the NFT space. Also this month, apparel brand Gap announced a partnership with InterPop to launch its first collection on the Tezos blockchain. The launch also includes a “gamified” digital experience (with gaming elements) that allows customers to purchase limited-edition Gap sweatshirts.
Companies working on luxury fashion have made millions of dollars selling non-fungible tokens. In September, Italian fashion brand Dolce & Gabbana launched its “Collezione Genesi” NFT collection, which raised about $5.65 million in a single sale.
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