CryptoKickers is a new NFT platform where sneakerheads can create, customize then sell digital sneakers as NFTs. NFT is officially coming after the $79 Billion Global Sneaker Industry according to 2020 reports.
How CryptoKickers NFT Platfrom approach digital sneakers
CryptoKickers designed the customer journey to appeal to even non-crypto and NFT consumers. Any user can simply design a digital sneaker and then mint the NFTs so that it can be monetized by selling or trading it with other sneakers.
In its roadmap, CryptoKickers announced that users can HODL, AirDrop or resell the sneakers within the NFT platform. Users can easily sell their designs and use the proceeds to purchase other digital sneakers NFT listed in the market. Since the user is the creator of the design, he also owns the commercial rights to it.
In the real world, acquiring coveted sneakers is already a tough business. The supply is intentionally scarce and limited. You also have to pass through resellers which will pad up the price. Thus, there’s definitely room for digital sneakers because it is a 1/1 offering.
Why is there synergy?
The hyped-up, limited-run sneakers from Brands like Nike and Adidas are a thing of beauty. Thus, it attracts collectors all over the world. One issue faced by collectors is that the market is teeming with counterfeits and replicas. In fact, there are collectors specifically buying fake items since it’s becoming increasingly difficult to obtain the real ones.
CryptoKickers NFT platform is a perfect match to an industry with a strong appetite to collect. Introducing NFTs also solves authenticity issues.
Other Brands Taking Advantage
Companies and brands are already cashing into the digital sneakers NFTs. RTFKT Studios sold one digital shoe collection for $3.1 Million in under 7 minutes. The going rate for digital sneakers for editions 300 and up is $1500 and continuously rising.
It is worth noting that back in 2019, Nike acquired the patent for an almost similar name, ‘CryptoKicks’. The patents outline a system attaching NFTs to a physical product, in this case, a sports shoe. But there’s more. It seems someone at Nike has been playing CryptoKitties, as NFT holders will be able to breed the digital shoe with another digital shoe to create shoe offspring. The shoe offspring can then be made into a tangible product. There are no details yet about the launch which will surely take the sneakers industry to greater heights.
Future of NFT Projects.
Despite speculations that the NFT bubble has burst, NFT projects are still on the rise. NFTs garnered media attention because of high profile 1/1 Sales. However, the trend now is shifting to NFT-based projects which cater to the mass market. This seems to be the more sustainable approach. NFT platforms are focusing on acquiring a huge userbase and with a steady stream of NFT purchase instead of one-time big-time sales.
NBA’s Hot Shots breached the 1 Million Mark recently with users trading basketball cards ranging from $9 – $230. Even future projects like Music NFT Platform OneOf aims to offer song NFTs low as $5. Applying economies of scale, NFT projects can never go wrong with having a huge userbase. So CryptoKickers obviously took down notes.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
