In partnership with Adidas, Prada releases its first NFT.
According to reports from Business in vogue, the non-fungible token (a non-interchangeable unit of data stored on a blockchain) will be a crowd-sourced digital artwork in a Beeple-style collage.
Starting January 24, anyone can register to submit a photo using a specially designed filter that will manipulate, blur and remove 40% of the image. Three thousand of the individual photographs will be selected by lottery and minted by Adidas as unique NFTs free of charge. The individual who submitted the work will remain the owner, able to sell their NFT on the secondary market.
Then the selected images will be combined as tiles into an NFT mass patchwork, designed by a digital artist and a creative coder Zach Lieberman. This unique NFT will be auctioned online on the SuperRare Digital Art Market and featured as a large-scale installation in flagship Prada and Adidas stores. This patchwork style is similar to Beeple’s $69 million “Everydays: The First 5000 Days,” which ended up setting a record for a digital artwork at Christie’s auction.
If this is the first NFT for the luxury brand, it’s not for Adidas. The sportswear company launched its first NFT with NFT influencer Bored Ape Yacht Club Gmoney, and the comic book series Punks Comic in December. Even though this project had a community-driven ethos, this NFT with Prada – which brings together submissions from Prada and Adidas audiences – moves away from the top-down relationship typical of luxury brands.
The project, named “re-source”, is linked to the recurring Re-Nylon collection of Prada and Adidas Originals, which uses regenerated nylon yarn in select handbags and accessories, and will inspire the final large-scale artwork.
The third Re-Nylon collection was launched this week. The majority of proceeds from the primary sale and all secondary sales are donated to Slow Factory, a non-profit organization and institute working to create climate positive solutions and inclusive communities.
According to Lorenzo Bertelli, who is set to succeed his father as CEO of the luxury brand, entering the metaverse was “must have” for Prada.