Are Prada’s NFTs still relevant? In addition, RTFKT continues with Rimowa: Web3 Drops of the Week

This week, Prada unveiled its 13th NFT as it moves forward with its Timecapsule project. But does long-term activation still have a place in today’s rapidly advancing Web3 market?

RTFKT’s tie-up with luxury luggage brand Rimowa is making waves, after the collaboration’s forge event kicked off on 29 May. The interactive venture brings RTFKT into a new market genre, away from the sneakers it has become synonymous with. However, a number of consumers are still not convinced of the additional 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 dropped the 13th token from the Timecapsule NFT on June 1st. Photo: Prada

Prada enters the second year of its Timecapsule NFT project

What happened: Prada has kicked off the second year of its Timecapsule NFT collection with a new summer-inspired token drop. The “June” collector’s item features a tank top in floral jacquard terry, a recycled fabric from the Prada Archive. It is the 13th monthly drop to come from Prada’s ongoing NFT project. The token will be on sale from 1 June at 15:00 CET, with only 50 items available.

The verdict: Although the project was originally the first of its kind when it was launched last June, it may need a revamp. As the NFT boom continues to wind down in the industry, what was originally a trend ahead of the luxury curve has become something of an afterthought, with brands choosing to explore other virtual avenues.

The monthly drop still receives mass media coverage, but the roadmap and benefits are starting to feel stale compared to the bigger, more enticing activations making their way onto the Web3 scene.

After announcing their tie-up last October, RTFKT and Rimowa kicked off the forging event this week. Photo: LVMH

RTFKT starts the forging event for Rimowa collaboration

What happened: The RTFKT x Rimowa forging event started on May 29th and will end on June 5th. During this time, the 888 holders of the RTFKT x Rimowa NFT will be able to design their own physical luggage product, which RTFKT said on Twitter would ship at the start of the summer to all involved counterfeiters.

RTFKT announced its collaboration with the luxury luggage brand last October, which also included avatars for CloneX holders and 2,222 “Worker Bot” NFTs.

The verdict: Since RTFKT was acquired by Nike, RTFKT is on a mission to take its brand identity to the next level and become a fully realized universe. Fans can now equip a physical piece of luggage to complete the full RTFKT vision.

But after the brand suffered a series of hiccups during the Nike Forging event, it will take a lot to win back enthusiasts. The collaboration with Rimowa, a subsidiary of LVMH, may be aimed at a more niche market, but the pressure is still on to deliver a well-rounded, consumer-focused experience.

Visual creative Chen Man tapped Grimes for her first NFT fundraising campaign. Photo: Chen Man

Renowned fashion photographer Chen Man launches the NFT collection together with Grimes

What happened: On May 25, Chinese fashion photographer Chen Man brought her talents to Web3 by launching an NFT collection with 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. TThe “Silent Noise Collection” unlocks rewards with each drop, including a photo shoot with Chen, NFTs with access to the “Memory Brick” project, and live audio interviews with Chen that allow collectors to become 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 recognized persona like Grimes—who has captivated the world with her gender-bending music—is sure to elicit a second glance from onlookers.

It also helps that the Canadian musician is a vocal advocate for the digital world. Just earlier this month, she began beta testing a new AI software tool, created by Elf.Tech, that allows fans to replicate, record and release music using her voice.