Foam clogs maker Crocs, Inc. made it clear that their big next move this 2022 is to get into NFTs!
About Crocs’ NFT Move
The filing is for an “intent-to-use” basis, clearly indicating that Crocs would issue and release NFTs for commercial purposes.
As of press time, Crocs have not released an official statement or roadmap. However, the application suggests that the brand will be pursuing digital wearables and NFT Collections. It seemed approval to launch downloadable virtual goods “in the nature of footwear, clothing, bags, accessories and charms for decorating footwear, clothing, bags and accessories.”
As it is, the digital wearables market is heating up, particularly the footwear category. In December 2021, Nike purchased the digital shoemaker RTFKT. According to Nike CEO John Donahoe, they expect this move to accelerate the brand’s digital transformation. Meanwhile, its top competitor Adidas’ maiden NFT drop bagged around $23 Million, sending shockwaves to the NFT Community.
Brands are flocking into the Metaverse because it is an uncharted revenue stream. So naturally, early movers would be handsomely rewarded and gain a huge advantage over competitors.
In 2021, we saw avatars selling out for thousands and sometimes millions of dollars. So there’s a massive demand for customization. This is where brands like Nike, Adidas and Crocs come in. Imagine, now their fans who buy their physical goods can now dress up their avatars with licensed digital wearables.