StreetBears Chooses Ethereum to Release 8,888 NFTs & Capitalize on Multi-Billion Streetwear Sector
It’s been a wild ride for streetwear and premium businesses for the last two years. After what seemed like a hopeful 2020, the covid-19 epidemic ravaged the world, and the year spiraled downward into the worst. Premium labels, on the other hand, were forced to adjust, whilst the streetwear scene simply stayed a little more convoluted.
Nonetheless, it’s a breath of fresh air for creators and perhaps even mainline companies that technology has finally arrived. Throughout history, it has been shown that the smart ideas could turn tides quickly, resulting in a surge in demand and price of unique things.
Supreme and Louis Vuitton’s collaboration perfectly exemplified why the public are often drawn to high-end premium products. Price of hoodie manufactured by Supreme skyrocketed on the secondary market just days following the collaboration between the aforesaid premium brands.
The appeal of unique, premium brands among buyers and also the unexpected jump in consumer spending during tough times encourage the creation and release of premium and exclusive clothing as NFTs. Since NFTs are hosted on a public blockchain, tracking is possible. Simultaneously, its exclusivity may be verified instantaneously in a blockchain ecosystem that is unalterable and fair.
Following the footsteps of RTFKT—a service specialized in creating NFT shoes for the metaverse—there seems to be adequate evidence to justify the concept of distributing streetwear in the form of non-fungible tokens (NFTs). RTFKT was purchased by Nike. This brief story reveals that, despite streetwear NFTs are still a growing market, big streetwear firms find enormous value in them.
Continuing in the same vein as the streetwear NFTs wave, StreetBears will release an exclusive NFT series on the Ethereum platform that will include 8,888 stunning bears, each with a distinct street art theme.
The plan is to use the best of the Bored Ape Yacht Club (BAYC) and infuse it with the new perspective of streetwear artisans to achieve a distinct look. Ethereum blockchain has been chosen for minting the tokens. The obvious reason is that Ethereum is perhaps the most safe and extensively utilized blockchain for issuing new premium NFTs, notwithstanding its scaling issues.
Itsy Bitsy, Happy Meow and Kid Mango are among the artisans who are contributing to the limited-edition series. To design StreetBears, they will draw on their extensive expertise gained from working with major streetwear companies such as Nike, Supreme, and Off-White. Furthermore, StreetBears has also teamed with two renowned English footballers, Rio Ferdinand and Shaun Wright Phillips, for increasing the appeal of the NFTs. Viewers can also learn the perspective of Shaun Wright-Phillips and Arron Crascall, who are chatting with people in their discord server.
StreetBears has also said that there would be two big lottery games where a fortunate holder of NFT will be awarded as its worldwide network widens. The winner of the first lottery game will be awarded a personalized embossed gold bar. This will be followed by the selection of another NFT holder on a random basis as the second lottery game winner and given the opportunity to join hands with the StreetBears team to build their NFT product. There will also be limited-edition goods available solely to NFT holders.
For its fast expanding audience, StreetBears devs have already provided the MotoGP NFT drop. All of this is natural given that the initiative has ardent supporters who possess few of Ethereum’s rarest and most precious NFTs, such as the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
Glad to be apart of it! https://t.co/jnBvSt540A
— Shaun W-Phillips (@swp29) February 23, 2022
— Shaun W-Phillips (@swp29) February 24, 2022
StreetBears is presently establishing a community mining setup, with all proceeds going to NFT holders. Interestingly, mining devices will be owned by the community and all StreetBears NFT owners will be able to cast their vote in favor or against any of the presented ideas, for example the manner in which cash would be expended.
HNY, StreetBears’ in-house utility token, will be released simultaneously. Those that mine and sell NFTs will be rewarded for their efforts. HNY’s main goal is to maintain the group and collection flourishing while also being paid for selling their collections.