Luxury Italian digital fashion brand Another-1 (AN-1) has launched a limited-edition sneaker that can be worn in the metaverse, traded as an NFT, or redeemed for an identical physical pair of shoes.
The brand has partnered with NFT platform for digital creators Swappable to create 5,555 NFTs linked to the NTR1-META sneaker.
Designed in collaboration with Italian fashion designer Lucio Vanotti, the leather sneakers come in 34 different colour combinations. When buying one of the NFTs, customers do not get to choose the design, however, they can swap the NFT for another on the Swappable platform.
The NFTs represent ownership of the digital asset and the right to acquire the physical item in the real world. This means owners’ avatars can wear the sneakers in virtual worlds like Decentraland, or the token holders can choose to exchange the NFT to redeem the identical physical item in real life. If owners do this, they must ‘burn’ the NFT, which effectively strips it of all value and functionality.
In the real world, many limited-edition sneakers are bought as an investment and never actually worn. By allowing speculators to buy the limited-edition shoe in NFT form, with the option to swap it for the physical item in future, it arguably simplifies the resale process as buyers do not need to store a physical item, and can swap or sell it to other sneaker enthusiasts at the touch of a button, without needing to worry about shipping.
The phygital product was promoted and made available across 25 Web3 projects, including at Decentraland’s first Metaverse Fashion Week.
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