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What Steph Curry’s Sneaker NFTs Can Teach Fashion – WWD

Basketball legend Stephen “Steph” Curry followed up on a record-breaking game last week by breaking new ground this week for digital fashion, thanks to a savvy NFT shoe strategy that has garnered a near-early opening 1 million dollars.

The famous Golden State Warrior keeper has reached a new level, scoring the most goals in NBA history. Brand and Curry Partners Under armour Celebrate this moment by releasing a virtual version of Curry Flow 9 sport shoes he wore when he took his historic 2,974 photo.

The sales figures seem modest compared to the millions brought in by other virtual goods this year. But the approach to pricing is a feature, not a bug, that is part of a remarkable campaign for the fashion sector. This is one of the first case studies of how the strategic thinking of a major brand can take NFT from a trendy bubble to a smart business, thanks to a combination of technology, time and innovation. understanding of the core audience.

This example comes at a critical time for the industry, as brands race to find virtual products and their long-term potential.

Curry Flow 9 NFTs show a deep understanding of what this technology means for the fanbase. While authentication for real-world collections is an industry in itself, a trusted mechanism does not exist for digital assets. Enter NFT. Blockchain injects proof of ownership and authenticity into virtual products, practically guaranteeing legitimacy, value and, of course, bragging rights.

That allowed Curry and Under armour to turn a cultural moment into sales revenue and at a rate that cannot be replicated with physical goods. While Curry Flow shoes exist as a real-world product, ramping up production to produce more units and distribute them can take a long time. Meanwhile, digital doppelgängers were created, advertised and sold out in less than a week.

There’s also a good side here: Proceeds from benefit organizations are dedicated to youth sports access, a cause important to both Curry and Under Armor.

Other details tapped into the enthusiasm for the history-making basketball event, with 2,974 virtual kick pairs created and priced at $333 each – showing the total number of triples that Curry took. present throughout his career. Given the extremely limited nature of previous fashion NFTs, the availability of nearly 3,000 pieces looks generous, while the cost won’t give the sneaker fanatic any reason to pause. They often pay as much or more for limited edition physical products that are available on shelves, trophy cases, or stored in mint condition in their boxes.

Conversely, owners of virtual Curry Flow 9 can exhibit them on various metaverse platforms, including Decentraland, The Sandbox, and Gala Games, with players of the latter Town Star title being able to use them to earn in-game rewards. This cross-platform usability is outstanding, as most high profile NFTs are single-platform. It could be a hint of what’s to come, with NFTs spread across different virtual worlds.

For months, skeptics have viewed the technological phenomenon as a bubble about to burst. Online sales of exclusive digital products look interesting, but are not sustainable in the long run, while it is unclear what people can do with them once they own them. The buzz around virtual worlds and supermarkets, as well as the commerce that can fuel them, gives NFTs more context and perhaps viability.

But it will take smart strategies and real-world consumer insights to push virtual products beyond the bubble and make them more fundamental. Fashion now has an example to learn from.

https://wwd.com/business-news/technology/steph-curry-sneaker-nft-fashion-1235023325/ What Steph Curry’s Sneaker NFTs Can Teach Fashion – WWD

Linh

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