What happened: Prada pushes the boundaries of creativity and community with its new metaverse venture. On January 20, the luxury house announced that it would partner with adidas Originals to launch adidas for Prada re-source, a “first of its kind” NFT project that invites fashion, design and crypto designers to collaborate. on a large scale digital coin inspired by his physique Re-Nylon collection.
Here’s how it works: Starting January 24, anyone can sign up with a digital wallet and contribute an anonymous photo. From there, 3,000 people will be randomly selected to hit their submission as NFTs, at no cost. These will then be compiled as tiles into a single NFT mosaic designed by digital artist Zach Lieberman (think Beeple style), with the final artwork up for auction and proceeds to benefit Slow Factory, an organization nonprofit focused on climate justice and marginalized. communities.
The Jing plug: The list of brands that have entered the metaverse continues to grow: Balmain, Gucci, and Gap are just a few fashion giants that launched digital tokens this month. Even adidas has already dipped its toes in the water, teaming up with NFT brand Bored Ape Yacht Club, comic book series NFT Punks Comic and cryptocurrency investor Gmoney to deposit 30,000 In the metaverse NFT last December.
But while the aforementioned brands have largely abandoned digital personas or virtual fashion pieces, adidas and Prada stand out by bringing fans into the fold. Not only are the duo increasing engagement with their audience by hosting an open metaverse project, but they’re also giving consumers, for once, a chance to take advantage. Since designers retain full intellectual property rights to their individual NFTs, they may choose to sell their tile on the secondary market. Plus, they’ll receive a percentage of the auction every time Lieberman’s finished product is sold, in perpetuity, reinforcing the sense of shared ownership and creators’ rights.
In addition, the project builds on the green agendas of both brands. With questions about the sustainability of the Metaverse – especially given the amount of energy needed to mint, bid, sell and transfer NFTs on the Ethereum blockchain – both do their best to offset the potential environmental impact. From building the tiles on Polygon, an Ethereum-enabled network optimized for energy efficiency, to partnering with an organization focused on environmental justice, adidas for Prada re-source offers a playbook on how to approach the digital world with sustainability in mind.
The Jing Plug reports on high-profile news and features our editorial team’s analysis of key implications for the luxury industry. In the recurring column, we analyze everything from product declines and mergers to heated debates popping up on Chinese social media.