One of the most notable changes we’ve seen this year in the evolving shoe resale market is the adoption of virtual sneakers in the form of NFTs.
It’s still a bit early to know whether or not these shoes will be fully embraced by sneakerheads, but one shoe to pay attention to in this arena is the FEWOCIOUS collection with RTFKT studios, a leader in the sneaker nft space.
Let’s dive into what these shoes are all about and some info on the mysterious parties involved, and let’s see if this NFT shoe stuff is just temporary hype or if it’ll last.
WHO IS FEWOCIOUS?
Victor Langlois, aka FEWOCIOUS, was born on January 1, 2002. An active artist since a young age, it was only a matter of time before his unique style would land somewhere at take off.
Having successfully led multiple multi-million dollar launches not only with crypto websites like Nifty Gateway but also with the long standing upper crust auction house Christie’s, it’s easy to say that FEWOCIOUS aka FEWO is one of the most successful and well known artists in the NFT space.
During the parabolic upward trend of crypto in the first quarter of 2021, NFTs became one of the hottest markets with millions of dollars per day being poured into it, profiting both the resellers and artists involved big time.
RTFKT (pronounced Artifact) studios was one of the very first to apply NFTs to clothing and fashion, successfully creating and publicizing digital streetwear for prices that often exceeded the real world versions of the created items.
They successfully raised a $8 million round from well known silicon valley fund Andreessen Horowitz (a16z) in May of 2021.
Their goal, as written on Twitter by Jonathan Lai, the a16z investor that led the RTFKT round, is ” to build the first digital-first fashion label. As we spend more time in virtual worlds, we will care just as much about our digital sneakers / handbags as we do our physical ones”.
It’s clear why one of the top VC funds are interested in taking a piece of their market: the huge prices on digital products mean potentially near-infinite margins in a fast growing, multibillion market that is the NFT space.
Although right now only a very small portion of the population is comfortable spending thousands of dollars on virtual shoe, this sentiment may change.
Perhaps a physical and digital shoe collection will act as somewhat of a gateway drug to bridge the gap from the physical sneaker world to the digital–this is what the FEWOCIOUS collection actually was.
FEWOCIOUS x RTFKT Shoe collection
In early March of 2021, the FEWOCIOUS x RTFKT shoe collection launched.
The unique thing about this NFT collection is that it was paired with a physical version of the digital purchase.
Price points of $3000-$10,000 per shoe didn’t hold several hundred people back from dropping big bucks to pay up for these in a matter of just 7 minutes, collectors spent a whopping $3.1 million on this 3 shoe drop.
In July 2021, 4 months after the launch, the physical shoes were finally shipped out (images below from @NFTNoob on Twitter)
Pictured above is the Fewo x RTFKT Legendary shoe, which sold 121 pairs at $10,000 each.
FEWOCIOUS x RTFKT SHOE RESALE VALUE
RTFKT was able to get the physical shoes approved quickly for listing on the major marketplace StockX.
Currently, in the beginning of July 2021,each of the three shoes from the collection have a resale value of at least $2500 above the retail price and as high as $17000 — these numbers are potential profit for the sellers– but as of now, no one is really taking a bite at these prices.
The crypto market crashed pretty hard during the time between FEWO’s auction and the shoe shipment date, so this could be a big part of why these shoes aren’t moving above retail, or really at all right now for that matter.
Overall, it’s still too early to tell how the trend will go, so it’s best to sit it out and wait for these, but it’s good to be aware of this market as NFTs and digital sneakers have the potential to take a big part of the multi billion dollar shoe reselling pie at some point in the future, perhaps inevitably–it’s just a matter of when.
FEWOCIOUS x NIKE
Although nothing official has happened, FEWO did Nike customs long before his big RTFKT launch.
He was seen in summer 2020 posting pictures of Air Force 1 customs that he sold privately.
These were perhaps a premonition of not just his RTFKT collection (which look carry a silhouette that is quite similar to the AF1), but maybe a real Nike collection in the future.
Keep your eyes peeled for a real Nike NFT shoe launch, including one that might happen with FEWOCIOUS, which will surely generate hype and a high resale value.
For now though, sit tight and watch how this current collection does, and as always keep educating yourself on this game so you can be on top of the latest trends so you can continue your pursuit in the shoe market–stick around and just like with FEWO, the rewards can come all at once in a big way when everything aligns.