One analogy I've heard often over the past year is that purchasing NFTs to flex on people in the metaverse is analogous to collecting shoes, and Nike seems to be preparing for the literal version of that possibility. The clothing behemoth recently announced the purchase of RTFKT Studios, which it describes as a "leading brand that harnesses cutting-edge innovation to create next-generation collectibles that fuse culture and gaming." âRTFKT states that in February, a partnership with adolescent artist FEWOCiOUS to sell actual shoes alongside virtual ones resulted in the sale of 600 pairs/NFTs in less than six minutes, earning the company over $3.1 million at the time. This occurred around the early spring period when the majority of us first learned about NFTs, when Grimes sold $6 million worth of digital artwork on March 1st. It's unclear if any of these digital products are worth as much today; a quick glance at OpenSea and Nifty Gateway reveals that a number of them are now offered for or have recently sold for less than their initial pricing.
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A selection of Tribute's "cyber clothes," which are applied similarly to picture filters. With Thanks to Tribute With Thanks to Tribute The surge in popularity of cyber garms has a lot to do with the increased acceptance of NFTs. The core principle of NFTs is proof of ownership: each product is assigned a unique identification number that can be used to trace ownership forever. âPeople are still adjusting to the concept that digital products have a cost,â says Gala Marija Vrbanic, co-founder of Tribute. This is mostly because they cannot physically touch or experience the items, and hence do not feel as though they own them. NFTs have been successful in instilling this sense of ownership among their constituents. (This arrangement benefits creators as well, since they earn a portion of future sales of an NFT—for example, when one of Rtfktâ€TMs shoes is resold, the brand receives 10% of the money.)
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