Finding mainstream use cases for non-fungible tokens is the next objective to take NFTs to the masses. French startup Sneakmart, with its dedication to streetwear, is tapping into the sneaker collector market. The company will bring limited-edition sneaker NFTs to collectors worldwide through mystery sneaker boxes.
Sneakmart Modernizes Sneaker Collecting
One of the biggest trends in recent years is the acquisition of limited-edition sneakers and reselling them for a higher value. It is a lucrative business that can yield returns of up to 10x the initial purchase price. Sneakerheads love collecting, wearing, and showing off their footwear portfolio, yet it is challenging to get in on these rare drops as a newcomer.
Sneakers represent a resale business of over $6 billion annually despite that latter aspect. It is a growing market with rising prices across secondary markets, confirming the demand for these shoes isn’t slowing down yet. However, Sneakmart sees an opportunity to enhance this market through NFT technology. Non-fungible tokens are popular across secondary markets and can often fetch a more than fair price.
Sneakmart has established its presence in the sneaker space through a mobile application dedicated to streetwear. That expertise has given the company insights into how buying physical pairs isn’t too different from acquiring digital pairs to collect and resell. Moreover, there is the recent acquisition of RTFKT by Nike, confirming manufacturers’ look toward digital sneakers and accessories as NFTs.
The Metakicks Initiative
To further pursue the options in the digital world, Sneakmart launched Metakicks, an NFT collection of sneakers distributed as mystery boxes. When users acquire a Metakicks mystery box, they won’t know which sneaker pair they will get. Users can open the box and use their NFTs in the metaverse or resell the box on the secondary market. A total of 6,250 Metakicks boxes will be made available come February 2022.
Sneakmart Co-founder and CEO Anthony Debrandt adds:
“Sneaker addicts love to collect and wear a lot of sneakers. Everyone loves sneakers today, everyone wears them. With Metakicks, we want to give the opportunity to start collecting digital sneakers through unique designs.”
Every pair of sneakers adheres to one of the 15 unique 3D animated sneaker designs. In addition, there are four tiers of rarity: epic, super rare, rare, and normal, each with different quantities. Some of the designs will feature unique editions featuring celebrities, adding an extra layer of excitement and surprise to these mystery boxes.
Furthermore, buyers of the mystery box have a 10% chance of winning a physical pair of limited edition sneakers. Those odds are over 20% as high as trying to participate in a physical sneaker drop. Metakicks is also getting a series of 1-of-1 pairs through collaborations with brands, such as Savoir Fair Paris. It is an excellent way of bridging the gap between physical and digital sneakers, NFTs, and collectibles.