In previous articles, I have hinted at the rise of NFTS and web3. My advice to many is even if you don’t understand it, it would be wise to accept it. There has also been a shift in the sneaker community, as many [resellers] have jumped ship to focus on NFTs as sneaker profits have been diminishing due to various reasons. This comes with good news and bad news, however the point of this article isn’t to focus on flipping, but the future of sneakers in the metaverse.
NFT = non fungible token… blah blah….think of it as artwork backed by crypto… however some now offer utility or “hidden content” or access (big for brands and consumer engagement). Nike recently purchased RTFKT and is now focusing on their genesis project. First they dropped a mysterious “Monoloth” box, which was recently unveiled to have a unique digital dunk, where one can exchange skins/colors (think Fortnite). Aside from being able to wear this in the metaverse, owners will be able to redeem for a real [tangible] pair in the future. Who knows what other benefits come with ownership?
Nike is making a big impact, however they were not the first. Jeff Staple partnered with RTFKT in May of 2021 to release the meta-pigeons, which is what personally caught my attention and got me started with NFTs. This release established both as big players in the digital world, and helped them join other projects. Along with the meta pigeons (that were originally $1 and now sell for approximately 8eth) they collaborated on some digital sneakers as well which also led to a physical redemption.
Though Nike somewhat adopted this business model, competitors such as Adidas took a drastically different approach. The Three Stripes partnered with big names who were already established in the space, such as BAYC and PUNKZ. They then released their NFT, which will unlock merch. drops in “Phases.”
Even Crocs is dabbling, as they partnered with Jeff Staple for their first venture into the space. But sneaker manufacturers are not the only ones betting on this future. Media outlets, such as SneakerNews and KicksOnFire have joined with their respective “Sneaker News Collector Club” and the latter’s “Bears Club.” Sneaker News is focused more on unique artwork, raffles, and give-aways, where the Bears Club gives you exclusive access to a new “resale” app. Both however, offer interesting road maps with exciting things to come.
Not only is this community growing rapidly, but many are contributing and giving back. A prime example is SneakerPunkz by Franalations, whose mission is to provide affordable sneaker-related art with a community focus.
Even StockX joined in the action, though taking a different approach and offering images of tangible items “vaulted” at their headquarters. They also took a different approach by offering their NFTS only via their online site vs. popular markets such as Open Sea. Though it is an interesting approach, Nike is currently suing them over the matter.
Many of you are probably reading this still not quite understanding. That is okay. Understand that the sneaker community is changing, and whether you like it or not, brands like Nike and Adidas are adapting. If you’re a reseller, know that NFTs are higher risk, higher reward. Hell, most sneaker- bot developers are even working on automated checkout software for NFTS (which I advise against). I’m sure you’ve seen the changes in your cook group(s). If you’re a consumer, know that getting in early will grant you access and utility to things that will come in handy in the near future. Invest in teams, not projects. And always look at the road map.
If you feel I have missed any upcoming sneaker-related NFT projects, please reach out and share, as NFTS are still in the “NikeTalk” stages of community building.
SNEAKERS + NFTs 