Day: April 29, 2021

What Is an NFT Sneaker, and Why Is It Worth $10,000?

Here’s what’s in the closet of the future. A few pairs of sneakers, obviously. Maybe a hoodie. A watch. And—why not?—a pair of metallic-looking pants. This being the future, none of the clothes are real. Nonetheless, they cost $147,000.

This sounds like a joke, but the closet I’ve just described is available for purchase now, with the clothes taking the form of non-fungible tokens, or NFTs. You may have heard that NFTs are everywhere, a new asset class embraced by traditional auction houses and cryptocurrency disruptors alike. An artwork from Beeple sold for $69 million, a tweet from Jack Dorsey was “minted” as an NFT and went for $2.9 million, and Michael Jordan joined a group of investors sinking $305 million into the digital NBA marketplace Top Shot, which sells…the same highlights you can find on YouTube for free. NFTs are, for now, a big deal. But

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