Don't miss the latest stories
Virtual Sneakers You Can’t Wear Sold For $3.1 Million In Seven Minutes
By Izza Sofia, 04 Mar 2021
Image via RTFKT Studios
Non-fungible tokens (NFTs) have made their way into the sneaker world, and one brand has managed to raise over US$3 million in seven minutes during a blockchain-based auction.
Virtual sneaker brand RTFKT Studios teamed up with “crypto artist” FEWOCiOUS to create three physical sneakers, each corresponding with a digital token. This collaboration opens new doors; while the physical sneaker may go up in value, the NFT associated with the product is an asset on its own too.
The range also offers digital merchandise in the form of a ‘Drip’ and a ‘Charm’.
In total, over 600 pairs were sold across the three styles, amounting to a total of over US$3.1 million. The ‘Charm’ design was sold for US$88,880 while ‘Drip’ was sold for US$1,500 each.
NFTs have proven to be a booming market, with musician Grimes recently selling around US$6 million worth of digital art at an auction.
[via Input Magazine, cover image via RTFKT Studios]
More related news
Also check out these recent news