Adidas and BAPE, a Japanese streetwear brand, plan to release a limited and exclusive collection of Triple-White Forum 84 BAPE Low sneakers in honor of BAPE’s 30th anniversary. The duo will auction off 100 NFT pairs of these sneakers via Ethereum. Let's break down this innovative venture.
About the NFT auction
The NFTs, or non-fungible tokens, will be minted on the Ethereum blockchain. The auction begins on August 22 and will span 72 hours. The starting price for each NFT is set at 0.3 ETH (≈ $550), with no limit on the maximum bid amount. This marks the first instance of Adidas adopting such a method of selling sneakers. Enthusiasts can participate in the auction through a special website.
An overview of the collection
Winners of the auction will be able to exchange their NFTs to a real-world Triple-White Forum 84 BAPE Low sneakers. Each pair will incorporate an NFC chip embedded in left sneaker’s tongue. This chip grants the owner access to the Digital Certificate of Authenticity, which is an NFT, too.
The process behind this collaboration involves initial competition for NFTs. Then the participants exchange them for physical sneakers and their NFT-twin on Ethereum. The exchange is scheduled to be available starting September 26. Adidas has committed to shipping the sneakers by the end of October this year.
Find more information here.
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