NFTs (Non-Fungible Tokens) are all over the news. They are the hottest thing in the world of tech. Companies are investing heavily in NFTs to cash in on the Metaverse. Digital copies of just about everything can be purchased including shoes. When Nike announced the acquisition of RTFKT, it sent ripples across the sports shoe industry. Now, companies are racing to get their own digital shoes. The future of e-commerce is here and the Metaverse will help power it. RTFKT is an NFT studio which uses game engines, Blockchain authentication, NFT, and augmented reality to create digital shoes unlike any other.
Shop for an Online Closet
Things have changed incredibly ever since Facebook made the news for launching Meta. It claims to create an entire world where users can do just about everything. It is possible to shop for an entire closet which can be worn in the digital world. Now, you might find it to be a joke. However, it is bringing about massive change. Digital shoes have taken the form of NFTs. Chances are that you might have heard of NFTs. They are a new type of asset that are being embraced by cryptocurrency disrupters and even traditional companies. Ever since a Beeple artwork managed to sell for around $69 million, NFTs are the main deal. Even Michael Jordan has jumped the ship by investing $305 million into Top Shot, a digital NBA marketplace.
Shoe World – Increased Demand for NFTs
When people first hear about NFTs, they think to themselves how fashion and streetwear can make it on the digital space. The fact is that people need things that they can wear and brag about on the Metaverse. Hence, they are likely to splurge on such items. When we consider RTFKT, it becomes clear that it is more than just a digital sneaker brand. It represents the future of fashion. When Benoit Pagotto had created the custom pair of digital sneakers during the 2018 World Cup for the League of Leagues, it led to people showing an interest in the pair of digital sneakers. It led to a rise in the popularity of sneaker brands. RTFKT aims to create digital possessions that shoppers want more than physical ones.
Similarly, Fewocious, an artist had introduced three sneakers which were priced from $3,000 to $10,000. Within 7 minutes of the launch, the artist earned $3.1 million. From the surface, a virtual world might seem like a place that is inhospitable to fashion. However, it is far from the truth as people are spending more and more time online. Since people will spend more time on the Metaverse, they will need to buy things to impress others. Fashion brands are trying to make serious money by selling digital shoes and more. Nicknamed cyber garments, there is a lot to expect. High-tech fashion is the only way forward.
Other brands like Overpriced have also launched their own footwear which is available for $26,000. Another brand that designs footwear for this New World is Crypto Kickers. It has even gotten, Wilson Chandler, the former NBA player to be its brand’s face. Besides this, there are even watches that are being sold as NFT pieces for up to $100,000 by brands like Jacob & Co and Vault. Hence, it is possible to stock up your digital wardrobe. The reason why purchasing digital goods is worth it is because of proof of ownership. Each NFT that is bought has a unique identification number which keeps track of its ownership.
There are still people who are not willing to pay the price for digital goods as they want to be able to touch those pieces in real life. But, NFTs offer a sense of ownership. Brands that provide NFTs aim to take on the digital world and satisfy all the limitations of the physical world. For example, Tribute offers a digital avatar to each user when they make a purchase. Buyers can wear the new piece on the Metaverse and see how they look digitally with the clothes on.
The collectible character is what makes NFTs appealing. RTFKT even allows users to wear its sneakers in video games such as Decentral Land. Overpriced sells physical replicas to buyers by providing them a code that can be scanned and corresponds with NFT. After the success of RTFKT’s digital shoes, it even sold physical versions to people and made a ton of money.
The market for NFTs is changing everything. There are also NFT watches that are being made to provide users the experience of a lifetime. For instance, Mark Schwarz aims to provide NFT watches to GTA gamers.
Shoe World – Importance of Digital Personas
The reason why people are buying NFTs is because they have realized just how important their digital personas are. In fact, many are considering their digital persona to be just as crucial as their physical persona. They want to be able to wear the right clothes in the digital world. Estimates show that the digital market for clothing and shoes is huge. Gamers are just one of the audiences that are interested in splurging on skins and digital outfits for their avatars. Fortnite is a popular game that has seen the demand for digital avatars rise considerably over the years. It generates around $40 billion a year. Chris Le from RTFKT has even worked as a skins creator for Counter Strike. There is nothing strange about buying digital shoes that your avatar can wear.
Since many people only buy shoes and clothes to show them off on social media and barely wear them, the idea behind digital things like shoes is impressive. Besides, it is much easier to wear digital shoes than having to go into your closet and put real shoes on. NFTs are changing the landscape by making things easier for buyers who do not want to deal with shipping, storage, or waiting to pay the delivery man in person. Instead, they would rather pay a premium for digital shoes. Hence, the future of-ecommerce will rely on NFTs. It will take some time for NFTs to be realized.
Shoe World – The Emergence of Augmented Reality
With augmented reality said to take over, NFT fashion will be a game-changer. Technology like SnapChat Specs and Google Glass will enhance your regular outfits and allow even your sneakers to appear animated. They would have magic effects that would compete with your physical shoes. In order for the technology to take over, everyone needs to wear such devices which had not been the case until the coronavirus pandemic broker. People had no option but to explore the depths of augmented reality.
As the purchase of digital shoes increases, more brands are expected to enter the brand and compete for customers. The period of disinterest has ended as widespread adoption has become common. Gucci also launched its digital sneakers and entered the virtual fashion space with a storm. Users can try on the digital sneakers and play with them when they use the official app. Other companies will also launch their very own NFTs with time which would bounce into the virtual world. At present, Nike is leading the way for NFTs in the shoe world. Vogue had confirmed earlier that various Gucci-level brands are set to release their own NFTs.
NFT Shoe – A Highly Profitable Market
As there is a lack of conglomerate participation, NFTs are earning huge sums of money for companies that are taking on the digital world without any fear. The main reason why there is an abundance of wealth in the industry is because of the new wealthy Bitcoin investors that are spending money on all types of things. These zealous investors want to claim a piece of history of their own. All the items that are currently being made will be part of the crypto movement that will revolutionize the entire world.
Shoe World – Collectors on the Rise
Most of the investors who have taken an interest in digital sports shoes are collectors. They want to own a pair of RTFKT sneakers as they know that it is the same thing as an Air Jordan. However, digital sneakers and other NFTs would only get bigger. History is being made today and if one digital shoe does not fit, there will be countless options available to everyone. Investors are also selling their NFTs for huge profits. This is why it makes sense to invest in NFTs. Many NFTs are going for millions of dollars and their prices are only increasing as more and more investors take interest. Therefore, the market for NFTs will only grow and prove to be a huge industry.
After you have finished reading our post, you will know everything there is to know about NFTs in the shoes world. There are no signs of digital shoes and other NFTs losing demand. As more companies enter the market for NFTs, there will be even more options for purchasing digital shoes, digital clothes, and just about everything. At the end of the day, it all comes down to how much you are willing to customize your avatars.