The hottest pieces in streetwear right now aren’t even tangible — instead, brands are turning their attention to NFTs, or non-fungible tokens, which allow for digital-only pieces. As such, new brand Overpriced.™ has announced the debut of its NFT-powered clothing line, with the goal of creating “fashion for the crypto generation.” The first piece of the line, a NFT-powered hoodie, will be auctioned off on Blockparty.co, and comes with a tangible version of the sweatshirt as well.
Bidding for the hoodie begins at $25,000, rivaling prices for some of streetwear’s rarest — and real — items. Comparing the cost to other NFT goods, though, the price tag is a bargain. Virtual shoe brand RTFKT Studios recently released a collaborative capsule with "crypto artist" Fewocious, with the non-tangible footwear selling out in seven minutes and raising $3.1 million dollars in profit. To hypebeasts looking to own the most exclusive goods out there, NFTs are the way to go — each is extremely limited, which is what makes NFTs so valuable (to some).
Lavish and limited — Overpriced.™ isn’t new to the NFT game, either. The brand was founded earlier this year by Impossible Brief’s James Zwadlo and Chris Levett — the creative team behind the Patrick Mahomes NFT — alongside Leighton James, who is part of electronic music production duo Adventure Club. Similar to MSCHF, which has been in the headlines for its Satan Shoes and subsequent Nike lawsuit, Overpriced.™seeks to create social commentary on the madness of money meeting art.
A $25,000 hoodie is a good place to start. 25 in total are available, but only 10 will be sold off. According to the brand, the remaining sweatshirts will be gifted to influencers in the music, art, and fashion space.
Each hoodie is unique, boasting a scannable V-code that allows users to wear, authenticate, and show off their NFT through a pop-up image link on any smartphone. The investments are protected, too — if a hoodie is lost, stolen, damaged, or sold, the V-codes will become invalidated and a new hoodie will be shipped to the new owner’s address of choice, thus becoming the new authentic piece.
Digital duds — While the tangible hoodie may not be worth much, the NFT that comes along with it is unique to the wearer, and they can tout a possession no one else in the world has. Whether that’s worth $25,000 to you is a different story though. To check out the hoodie, consumers can visit Blockparty’s website, or keep an eye out on the Overpriced.™ website.
The brand is expected to drop more NFT-powered apparel throughout the year, but if you’re interested in the ultra-exclusive items, save up. As demand rises, so will prices.