NFT Sneakers That Don't Yet Exist Fetched $3.1M In Just Seven Minutes

The non-fungible token craze has now extended to sneakers with hundreds of pairs getting sold as digitalized NFT for over $3 million in a span of seven minutes.

What Happened: NFTs of the three pairs of sneakers with vibrant colorful doodles were listed for $3,000, $5,000, and $10,000 by design studio Rtfkt and the 18-year old Seattle-artist Fewocious.

All in all, tokens representing 608 pairs were minted, which netted the sellers $3.08 million, according to Nifty Gateway, a marketplace for digital art and collectibles.

RTFKT said Monday owners of the NFT token sneakers would be able to redeem a physical pair in their size for 48 hours beginning April 10.

“We think that emotional bond to physical objects is still important and can increase the attachment,” said Benoit Pagotto, an Rtfkt team member, the Wall Street Journal reported.

Why It Matters: Some Fewocious NFT shoes are already trading for double their launch price and with each resale Rtfkt receives a cut, noted the Journal.

The resale proceeds increase the appeal of NFTs as it allows creators to earn on their creation ceaselessly.

NFTs have been all the rage lately. On Monday, Tesla Inc TSLA CEO Elon Musk was offered $69 million by Beeple for an NFT song on NFTs.

The entrepreneur, in turn, demanded $420 million in Dogecoin DOGE/USD from the artist.

See Also: The World's Grumpiest Cat Finds Love — Fetching $83,000 In NFT Sale

Beeple sold an NFT token version of his “The First 5000 Days” for $69 million last week.

Other high-priced artwork that went under the hammer as an NFT token includes Banksy’s “Morons,” which was auctioned for $394,000.

Price Action: Bitcoin BTC/USD traded 9.58% lower at $54,354.54 at press time while Ethereum ETH/USD traded 7.11% lower at $ 1,751.31.

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Posted In: CryptocurrencyNewsMarketsBeepleElon MuskNFTNFT SneakersNFTsnon-fungible token