LUXURY FASHION house Prada has a scheme for customers who want something even more exclusive than its usual range of clothing and accessories. Each month, on a first-come first-served basis, the Time Capsule Collection offers ultra-limited editions of Prada products.
They're only on sale for 24 hours, with purchases delivered straight to customers' doors.
For the new June edition, there's an extra twist. Those who buy one of only 100 black and white button-down shirts by Cassius Hirst, son of renowned British artist Damien, will receive an NFT (nonfungible token) as part of the experience. They are GIFs of the black and white capsules that Prada uses to brand these events, and they're also being made available to purchasers of previous editions.
It is the latest example of how many top brands are experimenting with NFTs to add another dimension to their businesses. This has recently included everything from Nike digital sneakers to virtual collectables from sport clubs such as AC Milan. For example, Gucci is selling a digital bag for US$4 115 (R65 000)- more than its real-world equivalent at US$3 400 (R53 735)-in a sign that the Prada NFTs could fetch a high price if they are resold.
Most of the media coverage around NFTs has focused on big art auctions such as Beeple's Everydays, a giant digital collage that sold for US$69 million (R1.09 billion), and the heavily hyped Bored Ape Yacht Club-a collection of 10 000 cartoon avatars of primates looking, well, bored.
But clearly, the arrival of traditional brands is also a major part of the story. Total worldwide NFT sales for 2022 are heading for about US$110 billion (R1.745 trillion)-more than double the 2021 figure, despite the fact that markets are sinking right now. So what are the best examples of brands operating in this space, and are there pitfalls?
Early movers
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