Both sneakers and NFTs have turned into multi-billion dollar industries in recent years. The sneaker resale market was valued at $6 billion in 2019, although it is much larger today and closer to the valuation of NFTs. That overlap creates new opportunities for players like Sneakmart and their Metakicks collection.
Overlap Between Sneakers And NFTs
Fashion will always remain a crucial part of society. While many people focus on jewelry and clothing, one should not overlook the footwear segment either. In particular, sneakers have become of great value to speculators and resellers in recent years.
Brands issue limited-edition collections, ensuring only a few hundred items of a certain line exist. Obtaining those items is both difficult and expensive, as one’s chances of purchasing such an item during the limited drop. Unsurprisingly, that demand for limited-edition sneakers has given rise to a booming resale market.
Findings by Statista confirm the sneaker resale market had a $6 billion valuation in 2019. Over one-third of that value came from the US alone, although there is international growth across the board. It is likely there will be further growth through initiatives like Sneakmart’s Metakicks, which brings limited-edition physical sneakers to lucky NFT holders looking to customize their 3D avatars in the Metaverse.
Sneakmart has built a reputation as a community-driven mobile app for streetwear enthusiasts. The team plans to re-inject earnings from its Metakicks NFT collection into internationalizing its app, further opening the market to a global audience. Moreover, the nature of NFTs makes digital and physical sneakers more accessible than ever before, introducing a new paradigm.
Many Opportunities With Metakicks
The launch of the Metakicks NFT collection is an intriguing development for the sneakers industry. It is part of the broader initiative to bring fashion and accessories to the Metaverse and bring more utility to non-fungible tokens. The 10% chance to win physical pairs of limited-edition sneakers is an extra bonus, although the Sneakmart team will incorporate long-term benefits to these assets. Advantages will include access to derivative products, exclusive access to offers, etc.
Furthermore, the Metakicks initiative has enabled various collaborations that might not happen otherwise. The Sneakmart team has collaborated with renowned football stars – including Didier Drogba and Marco Verratti – to create unique 1-of-1 editions. These unique Metakicks will be sold through an auction ahead of the NFT drop on the OpenSea platform.
Additionally, Sneakmart is working with brands and Web3 communities for additional 1-of-1 creations. The first collaboration, with Savoir Faire Paris, features a virtual NFT and a physical pair of Jordan 1 Off-White Coffee Latte. Blurring the line between the virtual and physical worlds is crucial for this initiative and will appease many collectors and enthusiasts.
The physical aspect of this collection is handled by StockX, the global leading streetwear marketplace. All 625 pairs of physical sneakers associated with the 6.250 Metakicks mystery box drop will be shipped internationally by StockX. Included pairs include the latest Jordan 1 High, Jordan 4, Adidas Yeezy 350, etc.
Furthermore, there are two pairs of Jordan 1 Dior and two pairs of Jordan in collaboration with Travis Scott. Over $200,000 in physical sneakers will be distributed through the first Metakicks drop, which goes live on the Sneakmart website in June 2022.