Adidas and Prada announce a User-Generated NFT Project

Prada and Adidas have teamed together to establish a new non-fungible token project based on the Polygon network. The money raised will be donated to a foundation which helps artists and creators.

Another instance of clothing labels – both haute couture and fast fashion – aggressively embracing the market in an attempt to provide clients with a more digital experience is the Prada-Adidas collaboration.

The whole NFT market is estimated to reach $300 billion by 2030. Luxury brands such as Gucci, Balenciaga, and Kering are identified as being in the greatest position to profit from digital collaborations in the metaverse, according to a survey. Fans will be able to register with a digital wallet starting January 24 to generate and mint NFTs by submitting a photograph with a filter made by digital artist Lieberman. The project will then pick 3,000 contributors who will have IP rights to their individual NFTs and will be able to participate in the drop later that week.

Adidas and Prada will use NFTs and Web3 technology to reward participation in a new sort of collective built in ownership, authenticity, and community, in a nod to open innovation. The adidas for Prada re-source initiative proudly marks both brands’ most recent metaverse collaboration.

In the metaverse, Prada and Adidas will debut their third collaboration, branded the Adidas for Prada Re-Nylon line. Although the press statement does not mention which metaverse, Adidas has previously collaborated with The Sandbox. The emerging metaverse is a new area for Prada to re-define luxury for the next generation and foster shared experiences that honour the brand’s ethos of experimentation and creativity, says the business.

Auctioning off NFTs has already brought in millions of dollars for high-end fashion houses. Dolce & Gabbana, the Italian haute couture house, debuted its NFT collection, Collezione Genesi, in September, and sold it for $5.65 million.

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