Out of curiosity, how much would you spend for a single sneaker? Now, how much would you spend for a single sneaker that you couldn’t even wear? Here’s a piece of data that might help you decide: AliSajwani, or whoever hides behind the alias, was prepared to shell out $134,000 for it. The market for collectible sneakers has skyrocketed in recent years. Nike released its first collection of virtual sneakers, called Cryptokicks, which comprised 20,000 NFTs, including one designed by artist Takashi Murakami that was bought by someone named AliSajwani for $134,000.
Each sneaker is associated with an NFT. By purchasing the non-fungible token, you acquire the right to receive an exclusive digital sneaker from the brand. In this way, Nike wants to bridge the gap between shoe collectors and NFT collectors. Different sneaker giants even have gotten concerned. Final December, Adidas launched an NFT assortment known as Into the Metaverse that gave consumers entry to limited-edition streetwear together with hoodies and tracksuits (however no sneakers).
Nike NFT ‘Cryptokicks’ Sneakers Sold For around $130K
“The mechanics around NFTs and sneakers are quite similar. Both are created around scarcity and limited supplies. It’s about community, status, and belonging,” analyzes Jurgen Alker, who runs an NFT studio for Highsnobiety. This sale is because the NFT market has shrunk recently, with token sales only collapsing after the cryptocurrency crash, but experts believe the NFT sector will soon recover in value.
The market for transactions in the metaverse is expected to reach $6.1 billion this year and nearly $42 billion globally by 2026, according to research firm Strategy Analytics. In an earnings call last month, CEO John Donahoe noted: “the positive momentum and energy we’re already seeing in the space.” The company launched an online game zone on Roblox called Nikeland where fans can create an avatar of themselves and play sports in a virtual space.
The particular NFT is rare, coming with a colorway designed by famous artist Takashi Murakami. Of the 20,000 virtual sneakers in the set, there are only 98 with the design pictured above, making it a scarce collector’s item. Since launching last Friday, punters have been buying the generic sneakers in the collection for between $5,000 and $9,000 (1.75 to 3 ether).
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