NFT Sneakers: What’s the Hype?
Today’s world is heavily influenced by decentralized finance as we see the influx of cryptocurrencies and increasing interest in NFTs. On top of that, Meta CEO Mark Zuckerberg’s announcement of the Metaverse has led top brands and luxury houses to enter the apparel and accessories NFT space.
NFT sneakers specifically have gained overwhelming hype in the past few years, especially since brands like Gucci and Crocs entered the Metaverse. But what are NFT sneakers? How can you resell them? Is it even possible to resell NFT sneakers?
This guide will explain how sneakers tie in with NFTs and the Metaverse. Plus, you’ll learn if the old-school method of sneaker reselling is still profitable in an increasingly digital world.
Overview of NFTs
The ascent of decentralized finance, especially NFTs, has piqued widespread interest in this new concept. An NFT, or non-fungible token, is a unique digital asset that cannot be replicated. This means that every NFT is different from the other. What’s more, this uniqueness extends to the blockchain, meaning that it is impossible to duplicate or falsify an NFT.
The distinction has people excited about NFTs because it breaks the mold of traditional centralized finance. With NFTs, a person can create an asset that has value because it is unique — rather than because a third party vouches for it.
The History of NFTs
Kevin McCoy made the first-ever NFT in 2014. He minted an NFT called Quantum a few years before the crypto market exploded into the giant it is today. While this is the first instance of an NFT surfacing, the foundation for the field was laid a few years earlier.
In 2012, the concept of Colored Coins surfaced. These are tokens on the blockchain representing real-world assets, such as:
- Real estate
- Even precious metals
Initially, the idea was that the Bitcoin blockchain would be used for digital collectible assets like company shares, property, and coupons.
After the creation of the first NFT, many projects, such as Trading Cards on Counterparty and Rare Pepes, were launched. However, the one project that gained immense popularity was Cryptopunks. These were digital characters, and no two were the same.
Following that, CryptoKittes became all the rage. A Canadian company called Axiom Zen created CryptoKitties and earned a significant investment from interested parties as the NFT project blew up. They were featured on major news channels, including Fox News and CNBC.
Who Can Buy and Sell NFTs?
Today, anyone can create an NFT. Whether you’re an artist, author, photographer, or simply someone interested in NFTs, you can create one and sell it online. All you need is some basic programming knowledge and you’re good to go.
Similarly, anyone can buy an NFT as long as they have the funds to purchase it. When you buy an NFT, you get the unique rights to the digital asset on the blockchain. It connects your name with that of the creator.
What Are NFT Sneakers?
NFT sneakers are digital assets that you can purchase and own. Just like regular sneakers, they come in different colors and styles, but what makes them special is that they are NFTs.
When you buy an NFT sneaker, you’re not just buying a piece of footwear, but you’re also purchasing the unique rights to that sneaker. It means that no one else can own it and it is linked to your name.
But you won’t get tangible sneakers. Instead, the sneakers are digital, and you can “wear” them digitally, such as in a game or the Metaverse. For example, RTFKT is a company that makes “digital” sneakers for the Metaverse. Nike just bought the company, making the brand a key player in the world of NFT sneakers.
What does this mean? You’ll soon be able to buy digital Nike shoes that can be worn in the Metaverse. Although you can’t keep these shoes in your wardrobe, they’ll probably be worth hundreds of dollars as the Metaverse takes off.
Overview of the Fashion Metaverse
Yes, there’s such a thing as fashion in Metaverse. Think of it as a digital world where you can dress up in Jimmy Choo or another designer head-to-toe. The Metaverse is essentially a digital world emulating the real world where everything from apparel to artwork and traveling is virtual.
How does fashion come into this? Through NFTs.
Since NFTs give you ownership of things in the digital realm, they’re the perfect way to incorporate objects into the Metaverse. Many luxury brands are now entering the Metaverse and creating NFT apparel and accessories for consumers to purchase and flaunt in their digital worlds.
The most notable brand in this regard is Jimmy Choo. The luxury house was the first brand in the world to launch its luxury NFT fashion collection. But Jimmy Choo isn’t the only brand that has embraced NFTs with open arms. Here are some sneaker brands that have established their presence in the Metaverse space.
Adidas created its first NFT in December 2021, named “Into the Metaverse.” The owner of the NFTs has access to Adidas products and experiences, such as virtual wearable merch, in The Sandbox, a gaming world made on blockchain.
The NFT owners also get the same perks on other blockchain-based platforms. Plus, Adidas gives them exclusive access to some physical products, too.
Gucci is another luxury brand making its place in the Metaverse. In 2021, Gucci sold the NFT of its Dionysus bag for $4,115 on Roblox — a price that’s 20% more than the physical version of the same bag.
The brand also partnered with Superplastic, a creator of digital collectibles, to launch new NFTs. It’s expected that Gucci will also introduce sneakers into the Metaverse that consumers can purchase and resell.
As mentioned previously, Nike bought RTFKT, a company producing digital accessories, collectibles, and sneakers. The company has also filed multiple trademark applications pertaining to its mission to sell virtual apparel and sneakers in the future.
Nike also created ” Nikeland” on Roblox. Nikeland is a digital world where Nike fans can connect with each other, play games, and dress up their digital avatars in Nike virtual apparel, such as Nike Blazer and Air Force 1.
Although Puma has not yet released NFTs in the Metaverse, the company has filed trademark applications and aims to sell virtual goods, including bags, eyewear, and footwear. You can also expect to find Puma clothing NFTs.
Future Brands in the Metaverse
It’s expected that more luxury brands will enter the Metaverse and create digital collections of NFT apparel and accessories. It will give consumers more choices when it comes to fashion in the Metaverse.
Furthermore, expect to see more digital-only brands enter the space. These are brands that only sell products and experiences in the virtual world.
How Can You Resell NFT Sneakers?
Just like regular sneakers, you can resell NFT sneakers in the Metaverse. The only difference is that you’ll be selling them in digital form.
For example, you may purchase an NFT sneaker from Nike through the company’s portal. The company would then give you a unique key to the digital sneaker. The key will be stored on the blockchain and act as proof of ownership. You can then resell the key to another person, who would be able to access and use the digital sneaker. The transaction would be recorded on the blockchain for transparency.
Since there’s a high demand for NFTs, the prices are expected to get higher down the line. Therefore, you can keep your NFT sneakers and resell them when you’re getting a significant profit from the purchase.
As more and more companies release their sneakers in the Metaverse, there’s potential for resellers. Nike and Adidas are already in the run while other companies, like Puma, are expected to join soon.
Benefits of NFT Sneaker Reselling
You might think there’s no point in buying a pair of sneakers that you can’t even wear down the road. But the truth is digital sneakers sell for a much higher price than their physical counterparts at times.
Demand for NFT Sneakers
Consumers are willing to pay as high as $10,000 for their favorite NFT sneakers. The major appeal for NFTs comes from the fact that they’re hyped at the moment.
Many people see NFT sneakers as lucrative investment opportunities since digital assets are known to increase in value over time. If you’re able to snag a pair of NFT sneakers when they first come out, you can resell them at a higher price in the future.
It’s mainly possible because the companies that release NFT sneakers limit the supply. Due to the limited number of NFT sneakers, there’s an increased demand. Sneakers are just as flippable in the digital world as they are in the physical one. An example of this is the virtual shoes created by Fewocious. At the moment, the shoes are traded for double their original price.
Ease Compared to Physical Resale
Additionally, selling NFT sneakers also eliminates some hassle experienced during regular sneaker reselling. For one, if you resell preloved sneakers, you have to clean or wash them. With digital sneakers, there’s no such toil.
Plus, you don’t have to worry about shipping. In regular sneaker copping, you have to manage the shipping yourself. Sometimes, the marketplace your sneakers are listed on may manage the shipping process, but it usually comes with a price — and a cut of the profit.
For digital sneakers, you just have to send the key to the buyer. It’s a much more seamless process that doesn’t require any extra effort from you.
On the whole, there are plenty of reasons why you should consider reselling NFT sneakers. Not only are they unique and in high demand, but they offer great potential for profits.
How to Resell NFT Sneakers?
If you’re looking to make some money in the near future, consider reselling NFT sneakers. You can either do it through online marketplaces or through direct transactions with other collectors.
StockX, a streetwear and sneaker resale company, recently announced that it would start selling NFTs of rare sneakers too. Here’s how it will work.
Buying NFT Sneakers
Suppose you buy an NFT of the Air Jordans on the platform for $1,000.
Once you buy the NFT, you will also own a real-life version of the same show stored in the StockX facility. You can either keep the shoe in the vault, get it shipped to you, or sell it to its new owner without ever touching it.
Currently, StockX has nine sneakers that you can purchase and resell as NFTs. Prices range from $858 to $42,069, which is much higher than most resellers can expect to make from the sale of regular sneakers.
Creating NFT Sneakers
While reselling is definitely the easier way out, you can also mint your own NFT sneakers and sell them online.
An example of such a marketplace is CryptoKickers. In April 2021, the platform signed Wilson Chandler, an NBA veteran, in a first-ever virtual shoe deal in the world. The company worked with Chandler to design “virtual” shoes for sale. Now, the company has announced that you will be able to create and sell your NFT sneakers in its online showroom.
That’s even better news for sneaker sellers. You can mint your own sneaker NFTs and sell them directly — all on the same platform. If you’re uncertain about the profitability of this sneaker selling model, let us remind you that in March 2021, a virtual sneaker collection sold for a whopping $3.1 million.
More importantly, you get a cut every time the sneaker you created is resold. That’s another reason NFT sneakers are becoming so popular in the online space. NFT creators can earn a constant stream of income through perpetuity.
NFT Sneakers in Online Gaming
Besides the Metaverse, virtual NFT sneakers are also hyped in the online gaming world. Games such as Animal Crossing and Fortnite have always let players dress up their avatars and buy in-game apparel.
With the introduction of NFT sneakers, there’s an even larger potential for earning. The best part is that the in-game economy is linked to the real world. It means that the prices of digital assets are influenced by actual market demand.
For instance, Gucci introduced an apparel collection in the game Pokemon Go. The Gucci x North Face collaboration — even though in-game only — reflected the exorbitant prices that are representative of both brands.
Is the Old School Sneaker Reselling Dead?
With the rise of NFT sneaker reselling, you may be wondering:
- Will the demand for physical sneakers go down?
- Is physical sneaker reselling dead with the rise of NFTs?
- How long will NFT sneaker reselling be a thing?
- Is NFT sneaker reselling just a fad, or can it be a long-term earning opportunity?
Physical sneaker reselling is still a lucrative market, and it’s not going away anytime soon. Here are a few observations about the current trend.
Physical Sneaker Reselling: Still Lucrative In Our Digital World
First, physical sneakers are still in demand. While digital collectibles might be a trend, most people are still not on board with the concept, and others still struggle to understand why they should pay thousands of dollars for sneakers they can’t even wear.
That means sneaker reselling is here to stay. While renowned companies such as Nike and Adidas are entering the NFT space, this has not impacted their production of physical sneakers. The sneaker market is still hot, and hyped sneakers are still in high demand. In fact, it’s forecasted to reach a value of $30 billion by 2030.
One of the reasons sneakers are so hyped is the culture surrounding them. For example, Kanye wore a pair of sneakers to an award show, raising their price to $1.8 million. Similarly, sneakerheads are very interested in the backstories of sneakers too. That’s mainly why sneakers made in collaboration with artists — especially singers — sell for such high prices.
How to Cop Sneakers for Reselling?
Sneaker copping refers to the process of acquiring limited sneakers for reselling. It has become a popular term in the sneaker community and is often used when referring to the hunt for the latest sneakers.
Limited sneakers are sneakers that are released in small quantities, making them difficult to obtain. They are usually sold through raffles, which can be both time-consuming and frustrating.
Before you start copping sneakers, it’s important to know what shoes are releasing and when they’re releasing. A good way to do this is to follow sneaker blogs and newsletters.
You can also join sneaker cook groups that are essentially communities of sneakerheads that share upcoming sneaker releases and other reselling tips with each other. Alternatively, you can join social media sneaker reselling groups. Even if you have all the information you need, it can still be impossible to get your hands on the best pair of sneakers due to the limited availability and high demand. That’s why you need two additional things: sneaker bots and proxies.
Sneaker bots are computer programs that help you cop sneakers automatically. They connect to the sneaker websites and enter your information into the raffle.
Sneaker bots use the retailer’s website code and get access to their sneaker stock. Then, they emulate human behavior to purchase these sneakers.
Why Use Sneaker Bots?
The most important reason for using a sneaker bot is speed. Since bots are much speedier than humans, they can get you your favorite sneakers before anyone else has the chance to add them to your cart. This way, you ensure that the sneakers you want to buy are not out of stock.
There are a number of different sneaker bots available, some of which are more expensive than others. It’s important to do your research before choosing a sneaker bot, as not all of them are equally effective.
An example of a good bot is the AIO bot. It works on a number of sneaker websites, letting you cop sneakers from multiple places without investing in individual bots. Meanwhile, if you want to buy sneakers sold through raffles, you might want to opt for raffle bots.
The second thing you need to become a successful sneaker reseller is proxies. Most retailers restrict every user to buying one pair only. But when you’re in the sneaker flipping business, you definitely need more than a single pair. Proxies help you do that.
Why Use Sneaker Proxies?
Typically, sneaker retailer websites track your IP address and won’t allow a second purchase if the request comes from the same IP address.
Proxies mask your computer’s IP address and give you a unique IP for every request you make. Therefore, you’ll be able to buy multiple pairs of the same sneakers using a single device. You can cop sneakers using the following types of proxies:
- Residential Proxies: These proxies are more expensive than others but tend to do a better job since they’re sourced from actual users. Blazing SEO residential proxies, with a large IP Pool and country targeting features, are optimized to cop sneakers efficiently.
- Data Center Proxies: These proxies come from data centers and are less reliable and more affordable than residential proxies. Their speed makes them better than most other types of proxies for sneaker copping since they let you cop hyped sneakers before the stock sells out. Blazing SEO data center proxies give you access to more than 300,000 IPs in 27 countries.
- ISP Proxies: ISP proxies are a combination of both data center and residential proxies, which means you can enjoy high reliability and decent speeds – the best of both words and the ideal proxy to cop sneakers. Blazing SEO ISP proxies have 1Gbps speed, offering matchless diversity and redundancy to ensure there’s no disturbance when you’re copping sneakers.
NFT sneakers are the talk of the town. While there’s no surefire way to guess how long the NFT bubble will be intact, there’s profit in it as long as it exists. Meanwhile, regular sneaker copping is here to stay — and isn’t going away anytime soon.
Whether you’re into reselling or just want to rock a fresh pair of sneakers, understanding the market and having the right tools is essential. With the right bot and proxy combination, you’ll be able to cop any sneaker you want. Combine Blazing SEO proxies with the bot of your choice, and you can make a handsome sum from your sneaker reselling business.
The information contained within this article, including information posted by official staff, guest-submitted material, message board postings, or other third-party material is presented solely for the purposes of education and furtherance of the knowledge of the reader. All trademarks used in this publication are hereby acknowledged as the property of their respective owners.
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