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Sneakers have long been an essential part of global culture and fashion. For some, shoes exist merely to protect their feet from adverse weather conditions, while for others, they are a critical component of their wardrobe. Athletic shoes, in particular, are highly sought after, with some extremely rare pairs selling for tens of thousands of dollars.
The entire industry has evolved around sneaker culture, from manufacturers and retailers to influencers who help drive sneaker culture. With Web3 becoming increasingly mainstream, major athletic shoe brands like Nike are venturing into non-fungible tokens (NFTs) and the metaverse. Projects like StepN are also attempting to tokenize sneakers.
One particularly active group is resellers who purchase highly sought-after shoes upon release and then resell them to eager buyers who missed the initial drop. CryptoKicks is a sneaker resale company based in the UK, founded by 13-year-old Blake Cockram, which is adopting this business model and adding a new Web3 twist to it—anyone who purchases a pair of sneakers with cryptocurrency can enjoy a 10% discount on their order.
In Episode 22 of "The Agenda," hosts Jonathan DeYoung and Ray Salmond chat with Blake to understand the perspective of a teenage entrepreneur and how CryptoKicks' cryptocurrency-centered business model is helping new users enter the blockchain space.
Newcomers to cryptocurrency, one shoe at a time
"We accept cryptocurrency as a payment method," Blake explains. "You can pay with it freely, but we have one thing to do, which is if you pay with cryptocurrency, you get a 10% discount on any trainers." This young entrepreneur states that this is an enticing offer for many people, especially when sneakers in the secondary market may cost hundreds of dollars.
"People would think, 'Oh, wow, that sounds great. I should buy some cryptocurrency, buy some cheaper Jordans,'" says Blake.
CryptoKicks accepts cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Blake mentions that most customers purchasing sneakers with cryptocurrency are newcomers to the world of blockchain. He tells co-hosts Jonathan DeYoung and Ray Salmond, "I probably only have one or two people that were already interested in cryptocurrency, but everyone else was newcomers, and we've onboarded them." So, besides enjoying a substantial discount, Blake's customers are learning how cryptocurrencies like Bitcoin work and how to better manage their assets.
"We've had a few people looking at it, like, downloading the app, making your wallet, and it can take about 24 hours to confirm you because it usually does. You just tell them how to look at it. And a few people ask us, 'What coin is best to pay you with? What will I earn from it in the future?' Things like that."
The life of a 13-year-old cryptocurrency entrepreneur
Blake's older brother played a significant role in getting him into cryptocurrency. "He's really into cryptocurrency, and he said, 'We can do something crazy here. You start your company, put cryptocurrency in the name, and people will go crazy for it.' We did it, and it worked well."
Blake, who is only 13 years old, is still attending school, and opinions among his peers regarding cryptocurrency vary. He explains, "People ask me, 'What is cryptocurrency?' because not many people actually know about it. Some people do know about it, and they'll say, 'It's a good thing.' But I also have some people who say, 'Oh, I don't believe in cryptocurrency. It's a load of rubbish.'"
However, Blake is doing his best to spread awareness among his classmates: "I just say, 'I think cryptocurrency is excellent.' It's like a new way to pay; not many people know about it. You can instantly get funds, own a bit of cryptocurrency, send it around, and it's also fun."
For more of Blake's conversation with "The Agenda," including his insights into the UK sneaker culture and his future plans, listen to the full episode on Cointraphic's podcast page, Apple Podcasts, or Spotify. Don't forget to check out Coindegraph's full lineup of other shows!
Please note that this article is for reference only and should not be considered legal or investment advice. The views, thoughts, and opinions expressed in this article are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph. |
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Post time 7-11-2023 06:41:18
