As a join between IRL sneaker culture and Web3, NFT marketplace ClubRare will auction a prototype sneaker from the popular Jay-Z line. The Brooklyn Zoo sneaker company used this prototype to make only ten pairs of sneakers, and its resale value is over $25,000.
The sneaker will be auctioned on June 21 and contains the artist pattern for the shoe. Of the Brooklyn Zoo shoes which may be auctioned off, this is the only one which will be metaverse compatible; that is to say, the purchaser can probably wear the sneakers as their avatar in these Web3 social spaces.
The auction will occur on ClubRare’s website, and the actual item for auction is an NFT. THE NFT will connect to the real-world physical shoe and the artist pattern. There is no clear information yet about the type of the auction and if the bid will be reserved.
Brooklyn Zoo sneakers are well-known in celebrity world, and the purchasers including Jay-Z and LeBron James. Jay-Z, in particular, has sported the company’s sneakers at various events, creating publicity for the shoe line. GQ, men’s-style magazine, showcased one of the Brooklyn Zoo sneakers during their “Sneakers Month”, a pair of Jordan 1 s.
ClubRare is a company that aims to join the physical world with the digital, a process which the company refers to as “phygital”. It has an NFT marketplace and hosts auctions for real-world collectibles, and the items being auctioned are NFTs. ClubRare is planning to showcase the Brooklyn Zoo sneaker prototype at NFT.NYC later the current month.
NFTs could remodel the physical goods collector market
ClubRare’s use of an NFT to auction physical collector’s good is different, but not unprecedented. Many companies are tying real-world goods to NFTs to take advantage of the blockchain’s ability to confirm provenance.
A few months ago, Mike Tyson collaborated with Binance to auction off “mystery box” NFTs. Some NFTs came with physical goods, that NFT holders could use. In addition, some of the physical goods came with Tyson’s signature.
Hennessy, a Cognac liquor company, auctioned an NFT via a specialty liquor NFT marketplace a few months ago. The NFT was sold at a high price, that was not due to the art of the NFT. Hennessy promised the NFT purchaser a special Cognac bottle with other benefits such as boxes and glasses.
Both Tyson and Hennessy used the easy blockchain capability to prove ownership of the NFT. By doing this, companies can easily send physical goods to them. This is a process that Shark Tank’s Kevin O’Leary says could make NFTs bigger than Bitcoins.
Time will tell how much the Brooklyn Zoo sneakers sell, but surly, this use of NFT tech will be more popular.