So, considering we’ve reached a point of the Cryptoworld takeover, NFT sneakers, and the Metaverse; we gotta think things through. Virtual reality has reached all ends of the world and has infiltrated all types of industries – including the sneaker industry. All of a sudden, this virtual reality sparked a very REAL discussion; what will happen to sneaker reselling? This is our breakdown of the sneaker reselling VS NFTs debate – putting it all out there!
We’re going to study all the facts of the matter, and get into the reality of things; virtual or not. We know that this is something that passed through every sneakerhead’s mind at some point. Especially with all the talk about digital sneakers, all the money-making potential, and all the industry buzz surrounding it!
It was all fun and games until Nike and Adidas decided to make THEIR move into cyber sneakers. They made partnerships, acquisitions, and virtual capsules with digital sneakers. Then, to make it even more of a legit concern, StockX joined the game. StockX’s move into the blockchain really had us questioning our future in the industry. StockX – one of the biggest sneaker resale platforms in the industry – announced its move into the virtual. So, it might make sense that sneaker resellers would capitalize on this virtual trend. Because, where the money goes, the sneakerheads usually follow!
Therefore, we gotta know: should we stick to sneaker reselling or get our hands on any NFT out there? Let’s find out.
THE IMPACT
Before we actually get into sneaker reselling VS NFTs and digital sneakers, we have to talk about the direct impact. How is a virtual reality affecting our actual physical reality when it comes to sneakers?
For a long time, secondary markets have become mediums to sell and trade rare, limited-edition sneakers. We all know it by now, resellers use platforms like StockX, Grailed, and even eBay to make good money! In short, sneaker reselling became more than just a subculture, it became a global phenomenon. And that’s exactly what’s happening with NFTs and NFT sneakers! Sneaker reselling vs NFTs is currently an ongoing race without a clear indication about the winner.
And, although digital art is the best way to apply NFTs, true diehard sneakerheads also consider sneakers as art. This is what makes digital sneakers or NFT sneakers very feasible and have big potential – especially for collectors! Furthermore, since these sneakers will be part of the blockchain, people don’t have to worry about authenticity. People can verify its authenticity and even see its entire history and manufacturing details. So, this definitely gives NFTs an edge against conventional sneaker reselling.
Also, the prospect of “digital flexing of digital sneakers” does sound appealing! Especially if you can get a digital representation of genuine shoes. But, is it enough to digitally own collectible sneakers only? And what about the resale?
SNEAKER RESELLING VS NFTs
So, let’s break down the entire thing, sneaker reselling vs NFTs and NFT sneakers. What is it going to be? Are we supposed to drop our reselling careers for a single NFT? Should we keep the side-hustle going to fund our NFT purchases? Or what!
First,
NFT sneakers will definitely appeal to the hypebeasts of the industry who don’t give AF about the culture. The people who joined the sneaker reselling game just for the resale. These are the people who can buy virtual sneakers from the RTFKT Studios that don’t actually exist. Some of these virtual kicks sold up for $10,000 apiece! So, definitely far more expensive than your average resale!
Second,
With so many people investing and reselling NFTs and NFT sneakers, it’s pretty hard to know their true value. Especially since they’re already selling at ridiculously expensive prices! This also poses the question of security – where are your NFTs stored? What happens if the person/brand who created a certain NFT disappears? Will your NFT disappear with it? In short, it could all come crashing down, and your money with it! What will the value of your NFT sneaker be then?
And third,
No one really knows how long this NFT bubble will last. The sneaker reselling industry has been here ever since the industry itself! Analysts even estimate that its value will grow to 30 BILLION in 2030! So, it’s actually physically there – nothing tricky or suspicious about it. But also, what about exclusivity? Sneakers get their hype and exclusivity from their backstories, who wore them, or how many are produced. With NFT sneakers, brands could make as many NFTs as they want! Kinda takes the fun out of the game.
THE OUTLOOK
Finally, the last thing we have to consider on sneaker reselling VS NFTs is the payment methods. With NFTs and NFT sneakers, you have to have a crypto wallet to pay for your purchases. And, there are always potential risks that come with the volatility of the price of Ethereum. Which, in turn, affects the value of the NFTs.
But, the veterans of the sneaker industry may not accept a full shift towards NFT sneakers. People still wanna physically flex their shoes, and feel the culture. But, for the people who are more into the hype and the next “cool” thing, NFTs are for them! However, when all is said and done, and the magnitude pipes down a bit, what then? Will people move on to the “next cool thing”? Or, will people fall back to sneaker reselling?
In all honesty, NFT sneakers might just be the easier solution at times. You don’t have to worry about sneaker storage, or anything related to care & repair. And, the only thing you need to get into it is MONEY. On the other hand, there are a lot of things that go into sneaker reselling. You need a sneaker bot, and extensive knowledge of copping sneakers in bulk! You will also need proxies AND you might even need to rent a server. So, if sneaker botting is not for you, go for NFTS (if you got the money for it).
To be real, sneaker reselling isn’t difficult, but it takes a tiny bit more effort than NFT sneakers.
So, to stay in the loop on all news related to sneaker reselling and NFTs, stay tuned to our blog. We’ll let you know how things are going and what YOU should do about this change.