Web3 news, May 30: Prada, Balmain, Nike, market growth

This week kicks off in fashion! Major luxury brands are turning to the digital assets space in an attempt to capture potential buyers’ attention.

Prada has become the latest luxury brand to launch NFTs 

Prada is launching its newest Timecapsule collection with a tech twist on Thursday. The Italian luxury fashion house is releasing 100 non-fungible tokens (NFTs) built on Ethereum in collaboration with Cassius Hirst. 

The Timecapsule buyers will get free NFT airdrops that will accompany their physical purchase from the Prada x Cassius Hirst unisex shirts. The NFTs, created with the help of the Aura Blockchain Consortium, will come in the form of GIFs.

Nike’s Web3 arm acquires an Ethereum domain

RTFKT, Nike’s Web3 brand, has bought an Ethereum Name Services (ENS) domain dotswoosh.eth.

The domain has been acquired for 19.72 ETH, which amounts to over $39,000 at press time. 

RTFKT now has rights to 10 Ethereum Name Service domains, including rtfkt.eth, dreamos.eth, dripcoin.eth, artifacts.eth, drmos.eth, m2tekno.eth, mintvial.eth, spacedrip.eth, mintvial.eth and skinvial.eth.

Balmain looks to create unique digital experiences, creates new type of NFTs

James Sun, co-founder of MINTNFT, has shared Balmain’s plans to create a special digital place for their customers and fashionistas worldwide in an interview with Decrypt.  

The French fashion titan aims to design an environment with experiences and ownership of both physical and digital items. MINTNFT’s James Sun has been made responsible for architecting Balmain’s NFT campaign for this September.

To capture the full essence of their idea, Balmain has come up with an idea of non-fungible thread (NFT), “an ecosystem of digital, physical, and hybrid experiences, built on Ripple’s XRP ledger, and which cater to Balmain’s exclusive clientele.”

“It’s omnichannel. [..] In fashion, when you actually collect clothing lines, you’re building an identity […] a personality that the brand is giving you access to. That’s how we see this as well. You’re building your own experience with Balmain, where now, you own it,” Sun shares.

The Market Minute

The crypto market has been enthusiastic about its recent growth, with Bitcoin finally going above $30,000. The market gained 6.94% over the past 24-hours, and the leading cryptocurrency is trading at $31,699 at press time. 

The second-biggest cryptocurrency, Ethereum, has gone by 10.19% and is now worth $1,996. 

NFT-related cryptocurrencies have also gained in price. Axie Infinity (AXS) has risen by 30.44% to reach $23.84, while ApeCoin (APE) has gone up by 15.37% to $7.19. STEPN’s GMT gained 17.82% and is trading at $1.26.

In other headlines

Argentines turn to Bitcoin amid inflation worries: Report – Cointelegraph

China to airdrop $4.5 million in e-CNY to Shenzhen residents to bolster local economy – CryptoPotato

Crypto exchange WhiteBit buys Ukraine’s Eurovision trophy in auction for armed forces – The Block

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