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Shoe brands making their way into NFT market

It should "come as no surprise" that Nike, Adidas and Under Armour have "dipped their toes" into the NFT market, according to Jinjoo Lee of the WALL STREET JOURNAL. But the question remains if they can "hit the ground running." For brands like Nike or Adidas, NFTs could "take the form of a collectible digital sneaker" or one that an owner "might actually wear in the virtual realm." Both UA and Adidas’ debut NFTs last month "sold out quickly," with Adidas selling $23M worth "within hours." Those that own Adidas’ “Into the Metaverse” NFTs, which cost roughly $765 at debut, are "now selling them for more than $2,500" on NFT marketplace OpenSea. UA’s virtual sneaker collection Genesis Curry Flow NFTs fetched $333 at initial sale last month and are "now priced anywhere from $551 to over $15,000." The "royalty structure alone probably makes NFTs worth exploring for the likes of Nike," which could use tokens as a way to "presell physical products." That is already the case for Adidas’ debut NFTs, which offer the holder "virtual wearables and the right to redeem them for free exclusive physical products: a hoodie, a tracksuit and a beanie." Channeling sales through NFTs also would allow companies to "take a direct slice of the fast-growing sneaker resale market," which could "reach $30 billion by 2030" (WALL STREET JOURNAL, 1/14).

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