Prada and Adidas launch NFT project on Polygon

Monday 24 January 2022 12:00 CET | News

Global sportswear manufacturer Adidas and Italy-based luxury fashion house Prada have partnered to launch a new NFT project based on the Polygon blockchain. 

According to American multinational investment bank Morgan Stanley, the total NFT market could reach USD 56 billion by 2030, with luxury brands profiting from digital collaborations in the metaverse and prompting more companies to embark on the NFT journey to gain digital recognition. 

Starting 24 January 2024, fans of the two attire brands can register with a digital wallet to create and mint NFTs by submitting a photograph and using a filter created by a digital artist. The project will choose 3,000 contributors who will own IP rights to their individual NFTs and will be part of the Adidas and Prada project launch.

Both companies are looking into new ways to reach younger generations and are both interested in the emergent metaverse as a space to redefine luxury and creativity. Other luxury brands like haute couture Dolce & Gabbana are already selling NFTs and gaining over USD 5 million in digital universe transactions. 

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Keywords: NFT, partnership, digital payments, digital assets, blockchain
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3

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