Reebok Joins NFT Market with Limited Edition Footwear
Reebok has launched a new non-fungible token (NFT) collection based on its footwear, 200 of these NFTs are being sold on the Wax Atomic Hub platform.
Reebok posted a tweet on April 26 revealing that it has minted 200 limited edition NFTs based on its footwear. Its X NST2 Limited Edition NFTs are collector items that are available on the Wax Atomic Hub.
Saying that the project is “blockchain meets streetwear,” Reebok becomes yet another major name to dabble in the sectors. Several of the NFTs are selling for between $500 and $2,000, with some going as high as $20,000.
It’s unclear how long these NFTs will last, as they tend to be snapped up quickly. The response from the crypto community has largely been positive, with many celebrating the arrival of Reebok on the scene.
Adidas, another major brand in the same space, has also been involved in NFTs. It appears that the fashion and luxury brand space, in particular, finds utility in NFTs. Gucci too has begun working on its own NFTs, selling virtual sneakers in the form of the asset.
The original use cases for NFTs revolved around artwork, real estate, and gaming, but it has since found several uses in various fields. Now, the media, sports, and fashion industries are among the most interested in the special tokens.
Reebok joins many other brands in utilizing NFTs
Reebok is just one of many major brands to begin experimenting with NFTs. Several celebrities, artists, franchises, and industries have begun tapping into the special assets. To name a few, Elon Musk, Grimes, Eminem, Edward Snowden, and the NBA are just some of the dozens of high-profile names involved in NFTs.
These NFTs have sold for great sums, though not quite as much as something like Beeple’s artwork. It is proving that there is a demand for exclusive content provided by major brands and names. As a result, these entities are seeking to increase their brand awareness while also raising some funds.
The end result is that NFTs don’t look like they’re going anywhere. It quickly overtook both cryptocurrencies and DeFi in terms of Google searches earlier this year, and it looks like that interest will continue.
NFTs are known for being accessible, as opposed to DeFi, which has a wider variety of benefits but can be obtuse for many crypto investors. This has helped bring more of the spotlight onto cryptocurrencies, which continue to find mainstream appeal.
PUBLISHED BY– Finance Yahoo