Rares, the only platform focused solely on collectible sneakers as alternative assets, today announces the launch of its first NFT project, the Hype Drop L Club membership program.
The company is taking a unique approach to mobilize and incentivize the global community of sneaker fans who have taken L’s on Nike’s SNKRS App, giving them a chance to turn a usually unpleasant experience into something meaningful and valuable that they own.
Participants are able to turn weekly losses into virtual wins with real-world value on Rares. The NFTs are built on Flow Blockchain, a next-generation blockchain designed for consumer-friendly applications, and will be equipped with utilities including free and discounted sneakers, investment credits on the Rares platform, retail discount codes and more.
“Sneaker enthusiasts are often frustrated by the Hype Drop sneaker lottery system currently in place for buying shoes and left disappointed by losses week after week, we wanted to make this experience more lighthearted and fun, building a community of like-minded people around it with a collective voice,” said Gerome Sapp, chief executive officer, and founder at Rares.
“The Hype Drop L Club makes it pay to be a loser! The program encourages participants to poke fun at the expense of everyone who has taken a loss on the SNKRS App, including themselves! We’re excited to tap into a broader demographic of individuals that would engage with NFTs if it was easy and served a beneficial purpose for them. The Hype Drop L Club will act as an AAA for sneakerheads, offering partner rewards with enticing utilities for members.”
Weekly L NFTs will be released alongside SNKRS’ weekly lotteries and will be available on a first-come, first-served basis. The quicker an individual submits their SNKRS App L, the more access they have to that week’s NFTs. The Hype Drop L Club will launch with two initial NFT levels, Diamond and Club. The Diamond Level L NFTs, the most scarce and valuable, are limited each week to the first 100 individuals who submit screenshots of their SNKRS App L. The Club Level L NFT, though still valuable, isn’t as scarce. They are reserved for the 101-1000 people to submit their SNKRS App L each week. The Club Level NFTs cost $5.00, while the Diamond Level NFTs are $60.00.
“Rares is a perfect example of why the coolest brands in the space continue to flock to Flow to support their consumer-facing experiences,“ said Stephanie A. Smellie, vice president of Content Partnerships at Dapper Labs.
“Just like sneaker enthusiasts have experienced frustration with the current lottery system in place for buying shoes, consumers have found the same friction points as they attempt to onboard to Blockchain. But with Flow we’ve solved this issue, making it as easy for consumers to engage and purchase NFTs as anything else. We’re thrilled to be working with Rares to help introduce their game changing offering to sneaker fans around the globe.”
All it takes to join the Hype Drop L Club is to text or email a screenshot of the loss from the SNKRS App for that week’s lottery within 24 hours. After submission, users are automatically added to the club with a $20 credit on the Rares platform and a link to join an exclusive discord for members. The Hype Drop L Club is a community and offers additional utilities based on individual participation levels. Utilities are unlocked based on continued participation through a point system, allowing club members who accumulate frequent L’s each week access to higher-level rewards. Rewards designed to benefit sneaker and investment enthusiasts will be added regularly. Rares expects its NFT offerings will quickly evolve to include special one-offs with additional utility down the road and will announce new NFTs as they become available.
Rares is a U.S. Securities & Exchange Commission (S.E.C.) regulated mobile platform enabling users to safely and securely invest in sneaker culture by buying and trading shares. The platform IPOs some of the rarest sneakers in the world, allowing for fractional ownership. Each shoe listed with Rares holds historical and cultural significance, including the 2008 Grammy-Worn Yeezy 1 Prototype, 1990s $Apple Sneaker, 1985 Air Jordan 1 “Chicago Bulls After and many more. Rares sees a future where sneakers are viewed not only as a viable investment asset but as unique and collectible art pieces, in both physical and NFT forms.
The Hype Drop L Club is not associated with either Nike or the Nike SNKRS App.