NFTs and sneakers have a lot in common: They come in limited quantities, depend on sky-high demand and stir speculative crazes in the resale market. It may be a perfect fit for the two to come together.
: They come in limited quantities, depend on sky-high demand andin the resale market. Under Armour sold 2,974 Genesis Curry Flow NFTs for $333 apiece last month. In the secondary market, some sellers are offering them for over $15,000.
Those that own Adidas’ “Into the Metaverse” NFTs, which cost roughly $765 at debut, are now selling them for more than $2,500 on NFT marketplace OpenSea. While brands don’t get a cut every time a sneaker is resold, they can do so with NFTs because royalties can be baked into a blockchain. RTFKT takes a 5% cut of every sale of an avatar and 10% for all other products, including virtual shoes.
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