There has been a shift recently in the world of Sneaker Collecting because of the NFT revolution. New types of ownership are changing how people feel about their sneaker collections and even the business of collecting sneakers.
What Are NFTs?
NFT stands for Non-Fungible Token, and these are tokens that can have some level of uniqueness or rarity to them; that is why they are sometimes called “one-of-a-kind tokens.” These tokens can represent specific items in a game like CryptoKitties, or they could represent something more complex like a physical object in an augmented reality app or an intellectual property right on someone’s resume.
According to okx.com/markets/prices, there are five ways how NFTs Will Change the world of Sneaker Collecting.
1.Basically a form of digitizing tangible items
What is digitizing? That’s a good question. When you buy a digital product (an ebook, an album, an app), do you physically receive the book, music, or game on your device? No the actual product is stored somewhere in the middle, and people have it digitally. So when someone buys digital content, they still have all the rights to their stuff stored somewhere in the cloud. This is not very different from other products like movies, some of which are still distributed on VHS tapes and some available as downloads to your iTunes account.
The same thing is going to happen with sneakers. When you buy sneakers, they’re going to be stored in a blockchain, which means that they will be digitized and will not belong to you.
2. There’s going to be digital ownership of the physical items
If you own NFTs, you can have the ownership rights to a physical item without actually owning the item itself, which opens up a lot of possibilities for people who want to own stuff without dealing with all the problems that come with physical ownership. Many people who buy sneakers are not worried about things like keeping them clean or storing them in their house; they want to be able to show off something cool when their friends come over. How often do you think people at the sneakerhead conventions wear their Yeezys?
3. Customization is going to change the way you buy sneakers
Do you know that people pay as much as $500 to customize their Air Jordans? This is one of the reasons why I love Jordan shoes so much. The price, number of people who wear Jordans, and how unique it makes you look are huge reasons these sneakers are so popular. Not many other sneakers have this same level of customization, but NFTs definitely will. You can buy your Nikes on NIKEiD and choose from 1 billion different combinations, which is crazy compared to the comparatively paltry selection Nike offers in their physical stores.
4. There’s going to be a new market for people who can design sneakers
If you’re good at Photoshop or have some design skills, you could start selling your design skills in the form of NFT tokens. Then someone else could buy your token, which means that you’ll have money, but it’s not yours; it belongs to somebody else who owns it.
5. Sneakerheads will start using sneakerbots
Sneakerbots are programs that automatically buy sneakers from a seller when the price drops or when some new sneaker drops on the market. If you’re one of those who would prefer not to pay for shoes, then sneaker bots would be for you, just like automatic trading algorithms in the stock markets that let people make money without actually having to do any work.