Quick take:
- Renault has announced the Racing Shoe5 NFT collection.
- The company is doubling down on its web3 strategy following the success of its genesis NFT collection, genR5 launched in December last year.
- The Racing Shoe5 collection showcases 960 limited-edition 3D art NFTs each accompanied by a corresponding pair of sneakers.
Renault has launched its second series of NFTs, the Racing Shoe5 NFT collection. This announcement comes on the back of a successful genesis NFT collection, genR5 launched in December last year.
Renault’s latest NFT collection is inspired by its iconic Renault 5 Turbo model which was one of the most popular cars in Europe back in the 1980s. The Racing Shoe5 collection showcases 960 limited-edition 3D art NFTs, each accompanied by a corresponding pair of sneakers.
Each pair is integrated with Near-Field Connectivity (NFC) technology attached to the tongue of each pair, which grants owners exclusive access to an NFT digital passport, enabling them to unlock various world experiences and benefits.
Renault is tapping into what has proven to be a successful strategy of connecting with fans through blockchain technology. The global sportswear giant Nike has been the market leader in leveraging NFT technology to establish a more engaging relationship with its customers whilst also creating new revenue channels.
The sports and apparel company has generated hundreds of millions of dollars from NFT sales, and while Renault has never been a shoe manufacturer, the company has jumped in with its Racing Shoe5 pairs selling for €265 each.
The company also offered to cover any additional costs related to gas fees after minting on Ethereum proved more expensive to the collectors than expected.
“Despite the unexpected gas fees, Renault will honour the promised price of €265 for every purchaser, assuming responsibility for covering any additional costs incurred. This bold move ensures an equitable and accessible experience for all, enabling enthusiasts to embrace the Racing Shoe5 collection without the burden of increased expenses,” the company wrote in a statement on Thursday.
Despite what appears to be a prolonged bear market, mainstream brands continue to issue NFTs in pursuit of a closer connection with their fans. Renault said its intention is to “engage a wide range of individuals, introducing them to the exciting possibilities of Web3 technology.”
In January 2023, Renault announced it had become the first automobile to launch an industrial metaverse, an immersive 3D space where workers can collaborate remotely to design new cars.
This announcement also followed last year’s partnership between Renault Korea and The Sandbox which saw the two companies launch a virtual automobile experience.
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