Shoes in the NFT and the Metaverse

What is NFT?

NFTs are certificates of material ownership and authenticity of digital works. These tools owe their success to the characteristics inherent in the nature of their work. Literally, the abbreviation stands for “non-fungible token” (non-fungible token), and in practice, these mechanisms are used to register a domain acquired under a sale and purchase agreement concluded in the prescribed manner between the seller and the buyer. The latter acquires not so much the object of the transaction as the opportunity to demonstrate a direct connection with the acquired security.

The NFT keeps track of the transactions that take place within it to offer a service where you can track what has been sold, find out the relevant buyers and resellers, without any time limit. In conclusion, the value of this mechanism lies in its dual purpose, which is to provide confirmation of the authenticity and ownership of the security that is the subject of the transaction.

Due to their ability to be used in a flexible way, NFTs can be associated with various types of resources, one of the main uses of which is digital art. These premises are fundamental to understanding the impact and artistic value of this kind of work. In fact, the authenticity of these works is recognized through the blockchain certification system, which creates a distinctive commercial and artistic value.

What is crypto art: meaning and definition

The term Crypto Art is used to define both the art form that uses cryptocurrencies as its main theme, and the art of cryptography itself. The work is presented as digital content that is uploaded to a platform used as an exchange tool, which allows for a sale and purchase transaction, which, in turn, is registered on the blockchain. The latter acts as a recorder of all transactions that have occurred and keeps track of all items that are properly entered using the cryptographic transaction resolution mechanism.

In this way, a system is created in which the final information cannot be changed, since it is not physically located in a place that can identify it, but is abstractly contained simultaneously on all devices of users who have access to the platform, and therefore it is difficult to find.

Having clarified the concept of crypto-art and related digital works, we can proceed to the analysis of the operation of the introduced exchange mechanism. Since these works are digital instruments, they must be converted in order to complete the transaction. Only by completing this operation to convert cryptocurrencies into non-fungible NFT tokens can the sale be confirmed. Thus, the exchanged works will be virtual objects that cannot be divided into parts, like a kind of fingerprint.

How does NFT work in relation to crypto art?

As mentioned, converting crypto art to NFT allows for a sale where the buyer gets everything that was previously associated with the deal. Typically, the object of the exchange is the digital property of the given work, and not its physical version, if it exists. But in any case, the choice remains at the discretion of the seller, who can decide whether to link the physical version of the product with NFT or not. The main feature of this mechanism is the ability to use NFT as irrefutable proof of a transaction between a buyer and a seller.

Due to their versatility, NFTs are used to exchange various resources, but in the case of digital works, it should be noted that their functioning is adapted. First of all, the figure of the artist is changing, who in these cases is not only the main promoter of his work, but also must have the financial skills and technological knowledge necessary to manage the encryption of art in the NFT.

NFT and fashion industry

• BALEX is the first brand of NFT shoes
• RTFKT is a digital sneaker that was supposed to be released in 2040
• By NFT artist Tom Yoo, iconic sneakers built from LEGO
• Defunct sneakers sold for $3.1 million. Now they are NFT art too
• HypeSneakrs - NFT sneakers inspired by CryptoKitties and CryptoPunks
• CryptoKickers - shoes for traveling through the metaverse
• Young, fashionable, specializing in the production of virtual collectibles and still completely unknown: Nike takes over the NFT studio RTFKT.
• The hype around the Metaverse is causing an NFT trading boom. American basketball star Stephen Curry has released a collection of sneakers that can be used in three different metaverses.
• Crocs goes to NFT

Metaverse: Nike buys design studio that 'makes' NFTs and virtual sneakers

The founders of the NFT startup call their company RTFKT, which they created in 2020, “the next sneaker, fashion and collectibles design studio.”

Generations for the Metaverse". Now the company has reached a milestone - it has been bought by American sportswear manufacturer Nike.

Unique virtual products

Nike also seems to have high hopes for this collaboration. According to the company's official press release, RTFKT is at the crossroads between culture and gaming.

Therefore, the goal of cooperation between the two brands is to create unique virtual products. In this way, Nike is positioning itself at the forefront of a new market segment that focuses on further pushing the boundaries between physical and virtual value: products developed by RTFKT can now be purchased using NFT. Among other things, avatars in video games can wear limited-edition trendy sneakers in this way.

Basketball player Steph Curry's shoes are now available as an NFT - they can be "worn" in three metaverses

NFTs (non-fungible tokens) are booming again. More and more professional athletes are getting involved in the lucrative virtual collectibles trade and launching their own collections. American basketball star Stephen Curry recently had the event that defined the concept for the new NFT collection: a Golden State Warriors player set a new record for three-point shots (2,974) against the New York Knicks. He broke Ray Allen's previous NBA record of 2,973 hits. In collaboration with sponsor Under Armor, he now has a pair of Under Armor running shoes that the 33-year-old wore when he set his record turned into NFTs.

2974 sneakers for $333 each

The Curry Flow 9 collection consists of exactly 2,974 pieces - exactly the number of three-point shots that Curry set the record with. At the same time, Curry overtook the previous record holder Ray Allen with 2,973 successful three-pointers.

The NFTs are priced at $333 each and are already sold out. If you happen to get hold of a pair of virtual sneakers, you can, of course, "wear" them. Curry's shoes can be used in three metaverses: Sandbox, Decentraland and Gala Games.