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Prada Launches NFT Collectibles in Timecapsule Collection

Daily Market Wrap

  • Crypto market cap: 1.24 trillion, down 5.48%

  • BTC price stands at USD 29,809, down 6.17%

  • ETH price stands at USD 1,828, down 5.50%

  • Top gainer: Waves (WAVES), up 12.85%

  • Top loser: Holo (HOT), down 13.73%

News of the Day

Why it matters:

  • Luxury fashion brand Prada is launching free NFTs for those who purchase items from its Timecapsule initiative

  • Prada Timecapsule will see a physical, gender-neutral item made available in limited quantities. The first NFT launch this week will have a supply of 100 items in which each item will be given a unique serial number and be delivered in custom packaging

  • The NFTs will give owners exclusive access to perks and experiences, including Prada’s new Discord server “Prada Crypted,” which is set to launch on Thursday as well

Crypto daily spotlight

Brief introduction: Optimism is the first Ethereum Layer-2 to develop an Ethereum Virtual Machine (EVM) compatible Optimistic Rollup solution. It relies on a fraud-proof mechanism to ensure the legitimacy of the transactions. Optimism sits in parallel with the Ethereum blockchain, therefore, unlike sidechains such as Ronin, rollups like Optimism can inherit their security from the Ethereum mainnet.

Why it matters:

  • The Layer 2 scaling network Optimism launched its new token on Tuesday, down as low as $0.79 from its listing price of $4.57

  • Optimism first introduced OP token in April when it unveiled “the Optimism Collective.” The team behind it promised that there would be “an entire season of airdrops”

  • According to data from Dune Analytics, this airdrop has led to a tremendous increase in the number of transacting addresses on Optimism, jumping 150% from 7.6k to 19k over the past 24 hours

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