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StreetBears to Mint 8,888 NFTs on Ethereum, to Tap the Multi-Billion Streetwear Industry

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StreetBears to Mint 8,888 NFTs on Ethereum, to Tap the Multi-Billion Streetwear Industry

The past two years have been a whirlwind for streetwear and luxury brands. Specifically, what started as a promising year in 2020 took a nosedive, spiraling down to the worst amid the ravages of the Coronavirus pandemic. If anything, luxury brands had to adapt while the streetwear landscape remained a tad bit more complicated.

Still, for what’s there, technology is a refreshing sigh of relief for artists and even mainstream brands. History has repeatedly revealed that tides can quickly change, and exclusive items can end up costing thousands of dollars. The partnership between Supreme and Louis Vuitton aptly demonstrated why the masses are always attracted to exclusive luxury brands. Days after the Louis Vuitton and Supreme partnership, Supreme-made hoodie prices exploded in the secondary market. 

Exclusivity and NFTs

Consumers’ attraction towards exclusive, high-end, and luxury brands and the unexpected loosening of purse strings during tough economic times strongly endorse the minting of valuable and rare streetwear as NFTs. Because of their existence in a public blockchain, NFTs are traceable. At the same time, their rarity can be proven in real-time in an immutable, transparent blockchain environment. 

Already, there is enough proof to support the idea of releasing streetwear as NFTs following the success of RTFKT—a provider which specialized in making NFT sneakers for the metaverse. Nike acquired RTFKT. This quick scoop further demonstrates that although still a niche, mainstream streetwear brands see immense value in streetwear NFTs.

Introducing StreetBears NFT Collection on Ethereum

Following the same streetwear NFTs trend, StreetBears is releasing a unique NFT collection featuring 8,888 beautiful bears, each bearing a unique street art design, on the Ethereum blockchain. 

It combines exciting elements of the Bored Ape Yacht Club (BAYC) with the refreshing expertise of streetwear artists for a unique twist. The minting on Ethereum is by design. Although struggling to scale, Ethereum is the most secure and widely used blockchain for minting high-value NFTs. 

The exclusive collection is created by reputable artists, including Itsy Bitsy, Kid Mango, and Happy Meow. They will be tapping their valuable experience from established streetwear brands like Nike, Supreme, and Off-White to create StreetBears. At the same time, the minter has partnered with Rio Ferdinand and Shaun Wright Phillips– both of who are legendary English football stars.

The Street Bears Community-Building Events, HNY Utility Token

As its global community grows, StreetBears has also indicated that there will be two massive lottery events where a lucky NFT holder will be rewarded. On one occasion, the winner will receive a custom engraved bar of gold, while in the other lottery event, a random NFT holder will be chosen to create their NFT project in collaboration with the StreetBears team. Furthermore, there will be exclusive merchandise only accessible to NFT holders. Already, StreetBears developers released the MotoGP NFT drop for its rapidly growing community. This is only fitting because the project has passionate holders who own rare and some of Ethereum’s most valuable Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs.

StreetBears is currently building a community mining rig where profits will be plowed back to all NFT owners. Notably, mining rigs will be community-owned and all StreetBears NFT holders would contribute by voting on proposals, including how funds can be spent. At the same time, StreetBears will release their native utility token, HNY. The protocol will reward NFT owners for every secondary sale and mining effort. The primary role of HNY is to keep the community and collection vibrant as they are concurrently rewarded for their collection sales.

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