Shoutout to all sneakerheads out there.
Copping kicks nowadays is only getting harder and harder for the average consumer, and the Nike SNKRS app only gets us L’s while resellers somehow get all the pairs, and we’re all getting sick and tired of it. Luckily, the industry appears to be changing and transitioning into a tokenized market.
I can already hear many think, “What? Tokenized?”
Don’t worry, we’ve got you covered.
Many people might still be unfamiliar with NFTs, and particularly with NFT sneakers, as it is quite a complicated topic to understand for most. NFTs, or non-fungible tokens, have increased in popularity recently and have become popular blockchain assets that crypto enthusiasts worldwide are willing to spend big bucks on.
NFTs have already been explained in an earlier blog post, but in short, NFTs are a kind of token that exist on a blockchain. They are very unique and inimitable. They prove the scarcity and ownership of a digital product.
In the NFT sneakers space, crypto brand RTFKT Studios continues to dominate. They basically sell nothing but sneakers as collectable and tradeable tokens. But, other brands are starting to make a name for themselves as NFT sneakers begin to be seen as an inevitable complementary aspect to the sneaker culture. Is this what the future sneakers market looks like?
Rare Shoe and NFT sneakers
Rare Shoe has taken the NFT sneakers and expanded on the idea of it.
Rare Shoe created a series of collectable NFT sneaker artworks, which is showcased on their Instagram. The series is made up of three special NFTs, a series of “Donks” inspired by the infamous Nike Dunks and finally their most recent project the “Jordan 1”, unsurprisingly inspired by the all-time classic silhouette the Jordan 1. Prices can differ per pair and per auction, but an example is the “In Bloom Jordan 1”, and NFT shoe that was sold at 3.3 ETH, or $5,592.37.
Not that bad, right?
Source: Rare Shoe
Rare or exclusive pairs of sneakers have become tradable due to the high demand for them.
You can compare it to stocks, and the perfect example of a platform to trade them is StockX.
Let’s be real, sneakerheads often don’t even buy kicks to wear, but simply to be able to own them. But in reality this doesn’t even require an actual shoe!
The upside about this in regards to sneakers is that with NFTs, everyone can purchase them and have equal opportunities in order to do so. Sizing is not an issue anymore, damaged boxes and finally “one to rock, one to stock” won’t keep others from purchasing the sneaker they want. Therefore, NFT sneakers are seemingly more accessible.
The NFT sneakers resale market
There’s more. Are you a profane sneakers re-seller? Well, with NFTs you can do it legally, assuring a 5% of profit to the creator of the NFT sneaker itself, each time the token passes in new hands. This respect for the original creator appears to be one of the major advantages of the resale market when it comes to digital sneakers over physical ones.
By the end of 2020, before most people even knew what an NFT was and the craze began in earnest, the market was already worth an estimated $338 million.
And the best has yet to come. How will the market of NFT sneakers evolve? We’ll have to wait and see, but don’t sleep on it! OR you might miss out on a great opportunity.