Light in Weight, Heavy in Value: Sneakers
Question:
How did sneakers become an investment tool, surpassing the world’s most valuable companies? How did sneakerheads make these shoes as valuable as assets traded in the stock market? Can the same value be created for NFT sneakers, the most popular product of Web3 fashion? How is sneakerhead culture shaped in the metaverse?
In my search for answers to these questions, I interviewed Steven Vasilev, aka Zaptio, co-founder of RTFKT, a leading Web3 company acquired by Nike. I also interviewed Deniz Ozgur, co-founder of metaverse fashion brand Space Runners collaborated with Balmain and NBA. Evaluating the issue from the perspective of the founders of metaverse fashion brands is key to seeing the big picture.
Some key points from my article:
Today, our connection with technology and the internet has evolved to a new level, and we are witnessing the evolution of sneakers and sneakerhead culture, which has a unique place in the fashion industry. While NFT technology is new, it has motivated sneakerheads to become collectors, forming the basis for NFT purchases.
To summarize, Nike’s unique approach to the supply-demand relationship, which involves keeping supply very limited, created the second-hand sneaker market and sneakerheads. By nature, NFTs are irrevocably determined on the blockchain as soon as they are created. If you decide to make one NFT of a particular design, you will never be able to produce a second one. This one and only NFT can be sold at auction or at a very high price determined by you.
In fact, FOMO (Fear of Missing Out), one of the most dominant shopping behaviors of Millennials and Generation Z, causes NFTs to sell out within minutes of their first release. When all these factors come together, it’s similar to selling a pair of shoes you bought for $160 for a 162% profit.
Sneakerheads never wear the shoes they buy, storing them in heat- and humidity-protected rooms. Since NFT sneakers can never truly be worn, we can wear them as we like in the metaverse and keep them in pristine condition, NFT sneakers are still valuable as an investment. Considering that authenticity is one of the most important criteria for sneaker collectors, it is possible to say that NFTs are already creating sneakers where authenticity can be proven immediately due to the nature of blockchain technology.
Nike & RTFKT x IRMAK YILMAZ
Nike & RTFKT x IRMAK YILMAZ
Space Runners x IRMAK YILMAZ
Space Runners x IRMAK YILMAZ
