The value of tying tokens to limited-edition merchandise appears to be gaining steam with consumers and could be a saving grace for NFTs.
While the portmanteau phygitals may eventually fade from existence, never to be spoken again, as a concept they look like they're here to stay.
While the majority of those numbers are thanks to the success of the CloneX collection, which launched during the height of crypto's bull run, the volume and earnings of the other collections is still noteworthy. In some cases owning the NFTs has unlocked the opportunity for consumers to order limited-edition Nike's that come with a special authenticating tag embedded in the shoes.The Block Pro Research"The quality is really, really, really good.
"The excitement we continue to see for Nike Cryptokicks on OpenSea … demonstrates how this technology empowers fans with inherent ownership," said Kelly DiGregorio, vice president of content partnerships at major NFT marketplace OpenSea.Co-founder of the popular Pudgy Penguins NFT collection, Cole Villemain posted a video to X during the Dunks forging event to express his enthusiasm for RTFKT's work.
Other major shoe and apparel companies like Adidas and Puma have also both shown interest in the tokenization of real world assets as means of ensuring authentication or ways to tempt consumer with exclusive content. But it's not only shoe companies. Real-world asset tokenizations span a wide range of products including sports cars and psychedelic mushrooms.
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