How much money would you be willing to spend on a pair of sneakers? $100? $500? Some people even go as far as spending thousands on specialty sneakers.
But, what about spending as much as $100,000 on a pair of kicks that you can't ever wear?
Sounds a bit outlandish, but Nike recently acquired the non-fungible tokens (NFT) collectibles brand RTFKT (pronounced artifact) and is now auctioning off a collection of NFT sneakers, known as CryptoKicks.
The auctions take place on the online marketplace OpenSea, and there have been more than 9,000 RTFKT x Nike Dunk Genesis CRYPTOKICKS sold so far.
The NFT sneakers can be purchased in cryptocurrency, most commonly Ethereum. The floor price of the RTFKT x Nike Dunk Genesis CRYPTOKICKS is currently 1.98 ETH, according to OpenSea's website, which would be worth about $2,800 as of April 29.
People pay on average anywhere from $4,000 to close to $10,000 for the NFT sneakers, according to CBS News. But like every collectible item, some are willing to spend as much as possible to get the item.
There's a current bid of about $124,000 for the RTFKT x Nike Dunk Genesis HMN CRYPTOKICKS, and they will likely end up selling for a bit more as the auction ends on May 22.
The prices of the NFT sneakers aren't even comparable to the wearable and popular Nike Dunk sneakers that retail for $100. Although, there are some limited Nike Dunk sneakers that have released over the past 20 years that sell for thousands on the reselling platform StockX, like the Nike Dunk SB Low Staple NYC Pigeon from 2005 that goes for up to $40,000.
The CryptoKicks collection is fully customizable, as owners of the virtual shoes can buy a "skin vail" that allows them to change the colors of everything on the sneaker from the iconic Nike Swoosh to even the laces.
John Donahoe, president and CEO of Nike, Inc. issued a statement in December 2021 after the acquisition of RTFKT and explained the company's goal of growing their brand in the metaverse.
"This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture," Donahoe said in the statement, according to Complex. "We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities."
Benoit Pagotto, one of RTFKT's creators, expressed his excitement for the future of the company after joining forces with Nike.
"This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike's foundational strength and expertise to build the communities we love," Pagotto said. "Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse."