Chinese sportswear maker Xtep releases their NFT wearables! On Sunday, they announced in a press conference a range of new sportswear. In addition, the company also released 321 NFTs. In China, they call them virtual running shoes.
Xtep Released Virtual Running Shoes as NFTs
Xtep said that the NFTs, named “160X-Metaverse”, sold out in 70 minutes. Each NFT was priced at 1,603 yuan (US$251). The digital shoes are more expensive than the actual 160X running shoes, which sell at 999 yuan a pair.
According to Xtep, it uses blockchain technology to build a “Runner’s Metaverse”, as well as create a “sports + digital economy” model. The company did not comment if they have wider metaverse plans.
Xtep is just one of the fashion brands that began using NFTs and the metaverse to market their products. Many consumer brands have already capitalized on the popularity of digital assets.
In January, Chinese athletic wear company Anta also launched 7,000 Beijing Winter Olympics-themed digital collectibles. According to Anta’s chief marketing officer Lydia Zhu, the decision is part of its wider marketing efforts.
Despite Beijing’s hostility against cryptocurrencies, it has tolerated activities around NFTs. At the same time, the Chinese government is always giving reminders about the speculative risks related to the assets.
China’s biggest tech companies also tread carefully as they use NFTs. They sell them in yuan instead of using cryptocurrencies. Moreover, they forbid buyers to resell the NFTs they have bought.