This article has everything you need to know about how Nike NFTs could change the market for reselling sneakers.
NFTs are nothing new to Nike
One of the first clothing companies to use the blockchain was them.
And they outsell brands like Gucci and Tiffany with their non-fungible tokens. A physical version of the shoe will also be included in the company’s initial line of Air Force 1 Nike NFTs.
The RTFKT Clone X Air Force 1 line has the potential to transform the sneaker secondary market.
RTFKT and Nike make an NFT
When Nike acquired the NFT shoe company RTFKT in December 2021, it made headlines. Nike NFTs have generated $185 million in sales in less than a year, proving that the acquisition was profitable. The latest RTFKT NFT collection comes with a near-field connection (NFC) reader in the heel of each physical shoe.Each pair of sneakers is verified by the NFC reader using a non-fungible token. The market for used sneakers may be significantly impacted by this change in how digital and physical assets are related.
Facilitating legitimate checks
Every shoe can be identified as genuine if an NFT is included. Check for an NFC reader; if there isn’t one, this is obviously a copy.
Scams and other questionable behavior are common in the sneaker reselling market. With this advancement, you won’t ever have to be concerned about purchasing a fake shoe at a discount price.
Nike NFTs eliminate the middleman
The modern sneaker resale market is made possible by third-party resale websites like StockX and Grailed. However, eliminating the middleman might be possible by using blockchain technology.
The transaction could be conducted peer-to-peer through cryptocurrencies rather than through a resale marketplace. All transactions recorded in a blockchain ledger are open to the public. As a result, the bundled NFT would also provide a clear history of the sneaker’s existence.
participation of Nike after-retail
Nike would also be aware of how their product performed after it was taken off the shelves. Every time the NFT will changed, the corporation would undoubtedly lose a little amount of money. While that can come out as avaricious, taking a portion of the profit is already commonplace for rrsale marketplace . StockX keeps 10% of the proceeds if you sell a pair of shoes there.