Nike NFT shoes for $8K a pop? 🤯

Things are shifting in the online/meta/NFT space. This week, we saw Elon Musk buy out Twitter for $44 billion, a mass wave of ENS (Ethereum Name Server) purchases for three- and four-letter domains, and Nike earn $8,000 per NFT sneaker in the metaverse. That’s right, digital versions of shoes are selling higher than even physical ones.

The Nike NFT shoe drop shows that the “digital collectibles” trend is quickly giving way to brands with more physical assets (the “real-world utility” aspect that’s been missing in the space to date). This means we can expect a lot more established brands to start entering the space, with larger marketing budgets and physical products, but also see this tighter fusion of physical-to-digital (“Mixed Reality”) experiences. Last week’s Moonbird launch was testament to this trend of more “professional” teams entering the game and succeeding.

Elon Musk’s buyout of Twitter means we might also see some drastic changes to the way Twitter operates - a popular meeting ground for folks in crypto/Web3/NFTs/meta. By going private, Twitter can now be “free-er” to do things that they might’ve previously been restricted by under a public company board. I’m personally a fan of Musk, but many are not. Only time will tell if this turns out to be a good change or not “for the culture.”

Speak soon,

George Siosi Samuels, Managing Director