‘I make shoe contact before I make eye contact’ - Vivian Lou
Sneakers are not just worn for sports anymore, but have become a must-have in people’s wardrobes. Sneakers express individuality and personal identity more than any other fashion item.
The sneaker can come in a variety of shapes, colors, finishes, and an unlimited amount of uses for the contemporary consumer.
Worn by everybody from athletes, performing artists and fashion models to kids on the playground, the sneaker has had a unique place in fashion history as being a catalyst for accessible style to the masses.
Just for the record, footwear is now the biggest selling category in the online luxury market.
Case Study 1
In January 2022, StockX entered the world of NFTs, bringing the crypto and sneakers communities together for the first time in history.
StockX’s NFT venture is called Vault, which uses tokens as proof of authenticity and ownership. This helps ease shipping and authentication for people who want to resell or trade the shoes as alternative assets.
For those who actually want to wear the shoes, the NFT is ‘burned’ (where a token is sent to a wallet that can only ‘receive’ them, effectively destroying it), and you can request for the shoes to be shipped (since the token is destroyed, you get the real shoes!).
StockX is also using NFTs as a tool to reward top spenders and collectors.
For its first reward, StockX held a giveaway of eight Kaws figurines that only NFT holders could enter. Currently, Vault has 559 NFTs tied to sneakers for sale.
Editions range from 1-of-1 for the A Ma Maniere x Air Jordan 3 Retro and Off-White x Nike Dunk Low “Lot 50” to 100 for shoes like the Kaws x Sacai x Nike Blazer Low and white-and-black Nike Dunk Low Retro.
Judging by their sales history, it looks like those who are invested in the digital sneakers have started to define prices closely tethered to what they’d feel comfortable paying for the shoes alone (plus the token holder’s benefits).
So actual utility has become central to the possession of these digital sneakers.
Case Study 2
Nike sold an NFT Sneaker for $134,000 - showing how much people are willing to spend for a virtual shoe.
In April 2022, Nike released its first collection of virtual sneakers, called Cryptokicks, which comprised 20,000 NFTs, including one designed by the artist Takashi Murakami which sold for this astronomical price.
The key drivers are scarcity, community, status, and belonging to something. On an average, customers are paying between $4,000 and $9,500 for the shoes - nearly 9,000 of the Nike Dunk Genesis NFTs have been sold.
CryptoKicks are customizable, with customers being able to purchase a ‘skin vial’ to change the colour of the shoes' signature swoosh, heel, straps and tongue.
Case Study 3
Digital fashion brand Cult & Rain launched its NFT sneaker collection tied to high-end physical footwear.
The brand’s first launch, called the ‘Genesis Drop’, comprises 2,000 4K animated NFTs that can be redeemed for an identical pair of Italian-made luxury sneakers.
There are four sneaker designs in five unique colourways, with 100 pairs per colourway set. Special skins have also been designed by several digital artists.
Cult & Rain plans to release additional physical and redeemable utilities tied to the NFTs, including brand discounts, airdrops and VIP access to in-person and Metaverse events.
How Supercraft Can Help
At Supercraft, we are simplifying the process of launching Phygital and Digital Product NFTs for brands, enabling you to unlock multi-tiered community and membership features around your product.
With our tools and API, you can reach out to your existing customers and engage new buyers with special experiences ranging from access passes to events to giving you feedback on the next best-selling product you should create!
Buyers are able to showcase their ‘Proof of Possession’ of your product using the NFT they hold, which they can share on their social media channels; they can join your buyer community through the Digital Community Pass.
If you are a sports shoe brand, or any brand whose product has a strong brand recall, unlocking new ways of engaging your fanbase might be just round the corner. Schedule a call with us to learn more.