Prada, Adidas Launch NFT Project on Polygon

The latest high-fashion foray into Web 3 includes a metaverse angle as well.

AccessTimeIconJan 20, 2022 at 3:32 p.m. UTC
Updated May 11, 2023 at 5:56 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Italian luxury fashion house Prada and sportswear giant Adidas, which recently ventured into the metaverse, have joined forces to launch a new non-fungible token (NFT) project built on the Polygon network. The project will allow fans to contribute their own designs.

Prada and Adidas Originals said they will auction a collection of NFTs designed by the digital artist Zach Lieberman on SuperRare between Jan. 28–31. The proceeds from the NFT sale will be donated to a charity supporting artists and creators.

  • Why Prada Is at the Forefront of Digital Fashion and Metaverse
    00:54
    Why Prada Is at the Forefront of Digital Fashion and Metaverse
  • What Will The Metaverse Look Like in the Future?
    16:36
    What Will The Metaverse Look Like in the Future?
  • The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
    01:22
    The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
  • Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
    11:34
    Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
  • This Prada-Adidas tie-up is another sign of clothing brands – from both haute couture and fast fashion – aggressively entering the space in an attempt to give customers a more digital experience.

    Morgan Stanley predicts the total NFT market is expected to grow to $300 billion by 2030. The report identifies luxury brands such as Gucci, Balenciaga and Kering as in the best position to profit from digital collaborations in the metaverse.

    From Jan. 24, fans will be able to register with a digital wallet to create and mint NFTs by submitting a photograph, using a filter designed by the digital artist Lieberman. The project will then choose 3,000 contributors who will also own IP rights to their individual NFTs and be able to take part in the drop later that week.

    Luxury metaverse

    Prada and Adidas said they will also launch their third collaboration, dubbed the “Adidas for Prada Re-Nylon collection,” in the metaverse. A press release didn’t specify which metaverse but Adidas has worked with The Sandbox in the past.

    “Prada sees the emergent metaverse as a new space for the brand to re-define luxury for the next generation and cultivate shared experiences that honor the brands’ spirit of experimentation and creativity,” Lorenzo Bertelli, Prada’s marketing director and head of corporate social responsibility, told CoinDesk in a statement.

    Most recently, leisure footwear company Crocs filed a trademark application on Jan. 11 that would expand its brand into the realm of NFTs. In January, The Gap announced it teamed up with InterPop to launch its first collection on the Tezos blockchain. The drop also included a gamified digital experience allowing customers to purchase a limited-edition Gap hoodie.

    Luxury fashion brands are already making millions of dollars from auctioning off NFTs. In September, Italian haute couture label Dolce & Gabbana launched its NFT collection, Collezione Genesi, which fetched approximately $5.65 million in a sale.

    UPDATE (Jan. 20, 21:35 UTC): Corrects SuperRare auction dates, changes photo.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.