Adidas and Prada Launch NFT Project on Polygon Blockchain

Adidas and Prada Launch NFT Project on Polygon Blockchain

Global sportswear maker Adidas and Italian luxury fashion brand Prada, which recently ventured into Metaverse, have teamed up to launch a new non-fungible token (NFT) project based on the Polygon network. The project allows fans to contribute their own 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 – from haute couture to fast fashion – 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 in the past.

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 for the next generation and foster shared experiences that embrace the experimental spirit and celebrate the creativity of the brand.

More recently, on January 11th, casual footwear company Crocs filed a trademark application to expand its brand into the NFT space. In January, The Gap announced a partnership with InterPop 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.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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