The collectable industry continues to grow, while the digital collectible space, largely driven by NFT’s also continues to evolve. Is there a path to having the tangible and the digital work in harmony to give value to all? Here is one startup that combines the digital space with hard goods…in this case, sneakers.
Last week on our Columbia Sports Business podcast we were joined by Bennett Collen, Cofounder and CEO of Endstate, and Benjamin Jones, Director of Growth at Endstate. An active principal in the Blockchain space for several years, Bennett discussed how he co-founded the sneaker and apparel brand in Endstate, where they incorporate NFTs into the product ownership experience. He elaborates on the value of integrating the physical, digital, and experiential to usher the consumers into the future of product ownership. They also explain how NFTs authenticate sneakers and can eventually foster incredible customer experiences with athletes, artists, and entrepreneurs. Bennett also talks about their first-ever athlete collaboration with the NFL star DeVonta Smith of the Philadelphia Eagles and his signature sneaker line. He also shares his insights on the consumer’s mindset in the collectibles market while pointing out how they envision Endstate’s user experience leveraging AR and VR technologies.
Some highlights:
Endstate: Sneaker and apparel brand that incorporates NFTs into product ownership. This allows them to live at the intersection of physical, digital, and experiential.
Authentication: Each pair of sneakers comes tied with a corresponding NFT.
There is a chip inside each sneaker that you can scan that then pulls up the corresponding NFT so you can authenticate the pair of sneakers.
Digital applications: having a wearable version of sneakers that you can walk around the metaverse with, videogames or social applications.
Building experiences around it by partnering with athletes, artists, and entrepreneurs (people with embedded audiences that will be passionate about collaboration).
Concept of vaulting the physical product and creating a liquid secondary market for the collectibles
NFTs have become their own brand in the last year and a half but at the end of the day it is its own file format
Consumption and presentation experience: enabling experiential experiences for people who own the NFT (EX: Scan the NFT and now able to cut the line at a private tailgate for an athlete collaboration)
Devonta Smith partnership: Signature Sneaker Deal: In development of three different colorways for his sneaker drop. His role: collaborator, not investor: working with Endstate to create his signature sneaker
Listen to the full episode here.
