Adidas and Prada Leverage on Polygon Blockchain for First Collaborative NFT Project.
Global sportswear producers Adidas and Italian luxury fashion brand Prada have teamed up to launch a new non-fungible token (NFT) project. The project is based on the Polygon network. The project allows fans to contribute their designs.
Adidas and Prada NFT Sales Proceeds to Be Donated to a Charity
According to an announcement by Adidas Originals on January 20th, they will be auctioning off a collection of NFTs designed by digital artist Zach Lieberman on SuperRare from January 28th to 31st. Proceeds from NFT sales will be donated to a charity supporting artists and creators.
The partnership between Prada and Adidas is another sign that the clothing brand is aggressively moving into the space to offer customers a more digital experience.
Morgan Stanley forecasts that the total NFT market is expected to grow to $300 billion by 2030. According to the report, luxury brands like Gucci, Balenciaga and Kering are best positioned to benefit from digital collaborations in the virtual world.
Beginning January 24, fans can register in a digital wallet using filters designed by digital artist Lieberman to create and imprint NFTs by submitting photos. The project will then select 3,000 contributors who also own the intellectual property of their respective NFTs to participate in the drop later this week.
Luxury Virtual World
Prada and Adidas say they will also launch their third collaboration in the Metaverse, dubbed the “Adidas for Prada Re-Nylon Collection.” A press release didn’t specify which Metaverse, but Adidas has worked with The Sandbox.
Lorenzo Bertelli, Marketing Director and Head of Corporate Social Responsibility at Prada, stated that “Prada sees the emerging virtual world as a new space for brands to redefine luxury”.
More recently, on January 11th, casual footwear company Crocs filed a trademark application to expand its brand into the NFT space. Additionally, in January, The Gap announced a partnership with Interpol to launch its first series on the Tezos blockchain. The drop also includes a gamified digital experience that will allow customers to purchase limited-edition Gap hoodies.
Luxury fashion brands have made millions from auctioning off NFTs. In September, Italian haute couture brand Dolce & Gabbana launched its NFT collection Collezione Genesi, which grossed about $5.65 million.