If you didn’t know yet, NFT sneakers are super-hot right now.
With sneakers being so hard to cop nowadays, there has been a trend towards a tokenized sneaker market. NFTs (non-fungible tokens) are a kind of token that exist on a blockchain which are very unique and inimitable.
They recently collaborated with an 18-year-old digital designer who goes by name of FEWOCiOUS. They created 600 pairs of NFT sneakers alongside 2 ranges of merchandise.
RTFKT Studios said: ”We wanted to show people the future, and we made it happen. This collab is the result of a perfect alignment of all the culture we love and know”. They did this by giving the shoppers the chance to try out the sneaker on snapchat using augmented reality. There was also the chance to get a physical copy, but they highlighted that the real value lies in the digital versions of the products.
The whole collection was sold at auction through the blockchain and generated a whopping 3.1 Million USD in just about 7 minutes. The ‘Charm’ merchandise, meanwhile, sold for $88,880 USD, while the ‘Drip’ merch sold for $1500 USD each. They have already appeared on the resale market at around $5,000 USD each.
As you might expect, resell prices on these are going through the roof on Nifty, which really shows the exponential boom in the crypto-art and NFT market. They are serious, here to stay and take over the digital world of fashion in the years to come. As RTFKT’s founders said “We believe this is the start of a new revolution.”
We at TNC are very curious how this market evolves and we’re 100% here for it!