Are Prada’s NFTs still relevant? Plus, RTFKT forges ahead with Rimowa: Web3 drops of the week

This week, Prada unveiled its 13th NFT as it forges ahead with its Timecapsule project. But does the long-term activation still have a place in today’s rapidly progressing Web3 market? RTFKT’s tie-up with luxury luggage label Rimowa is also making waves, after the collaboration’s forging event kicked off on May 29. The interactive venture brings RTFKT into a new market genre, away from the sneakers it has become synonymous with. However, a number of consumers remain unconvinced about the added benefits and RTFKT’s vision. Turning to China, we dissect the power of virtual and AI-powered marketing across the mainland, as well as renowned photographer Chen Man’s latest NFT collection, which champions the future of a multidimensional world. Prada Enters The Second Year Of Its Timecapsule NFT Project What happened Prada has begun the second year of its Timecapsule NFT collection with a new summer-inspired token drop. The "June" collectible features a tank top in floral-patterned jacquard terry cloth, an upcycled fabric from the Prada Archive. It’s the 13th monthly drop to arrive from Prada’s ongoing NFT project. The token will be on sale from June 1 at 3pm CET, with only 50 items available. The verdict While the project was initially the first of its kind when it launched in June last year, it may be in need of a revamp. As the NFT boom continues to die down across the industry, what was originally a trend ahead of the curve for luxury has become something of an afterthought, with brands opting to explore other virtual avenues. The monthly drop still receives mass media coverage, but its roadmap and benefits are beginning to feel stale compared to the bigger, more alluring activations making their way onto the Web3 stage. RTFKT Kicks Off Its Forging Event For Rimowa Collaboration What happened The RTFKT x Rimowa forging event kicked off on May 29, and will close on June 5. During this time, the 888 holders of the RTFKT x Rimowa NFT will be able to design their own physical luggage product, which RTFKT stated on Twitter would ship at the start of summer to all the forgers involved. RTFKT announced its collaboration alongside the luxury luggage label in October last year, which also included avatar wearables for CloneX holders and 2,222 "Worker Bot" NFTs. The verdict Since being acquired by Nike, RTFKT is on a mission to take its brand entity to the next level and become a fully realized universe. Fans can now kit themselves out with a physical luggage piece to complete the full RTFKT vision. But after the brand ran into a series of hiccups over the course of its Nike forging event, it’s taking a lot to win back enthusiasts. The collab with Rimowa, a subsidiary of LVMH, may be targeting a more niche market, but the pressure is still on to deliver a well-rounded, consumer-focused experience. Renowned Fashion Photographer Chen Man Launches NFT Collection Alongside Grimes What happened On May 25, Chinese fashion photographer Chen Man brought her talents to Web3 by launching an NFT collection featuring musician Grimes. The series, called "Silent Noise Collection: Episode 01,” explores the future of humanity in a world increasingly intertwined with AI. Produced with IV Gallery, a pioneer that boasts $60 million in art NFT sales to date, the NFTs were launched on the LiveArt platform. The “Silent Noise Collection” unlocks rewards with every drop, including a photoshoot with Chen, NFTs with access to the "Memory Brick” project, and live audio interviews with Chen that enable collectors to become a part of a unique museum installation. The verdict It takes a lot to make an NFT collection feel exciting and authentic, but Chen seems to have cracked the code. Tapping the global celebrity influence of a widely recognized persona like Grimes — who has enraptured the world with her gender-bending music — is bound to elicit a second glance from onlookers. It also helps that the Canadian musician is a vocal advocate for the digital world. Only earlier this month did she begin beta-testing a new AI software tool, coined Elf.Tech, which allows fans to replicate, record and release music using her voice.

Are Prada’s NFTs still relevant? Plus, RTFKT forges ahead with Rimowa: Web3 drops of the week

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Published June 04, 2023

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Are Prada’s NFTs still relevant? Plus, RTFKT forges ahead with Rimowa: Web3 drops of the week