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RTFKT Ecosystem Tanks After MNLTH 2 Announcement

This week, RTFKT revealed details of its smart sneaker that it hopes will revolutionize the footwear industry. It has some impressive features:

  • Bluetooth pairing with mobile apps which will enable a new era of ‘Move to Earn’ and IRL quest capabilities.  
  • Auto-lacing tightens your shoelaces after you put them on. 
  • Customizable lights that can be changed to any color.
  • Equipped with a WM NFC chip that enables the shoes to be linked to an NFT and authenticated.

The impressiveness of the innovation has, however, been largely overshadowed by the fact some holders of MNLTH 2 (an NFT in the RTFKT ecosystem linked to the smart sneaker) receive very little to no benefit. 

Basically, the MNLTH 2 NFT turned into a Lace Engine. That Lace Engine is a mint pass for a Cryptokicks IRL NFT (which you can use to redeem the new smart sneakers). But (a big but), Lace Engine holders will still need to pay for the sneakers. The Lace Engine is, in effect, a discount coupon. 

The real stinger is that the physical sneakers will only be shippable within the US, so MNLTH 2 holders based outside the US are left empty-handed (and footed). The price of the MNLTH 2 NFT crashed by over 80%.

The disappointment led to contagion. Clone X is down over 10%, Eggs are down nearly 20%, and the other pods and wearables are down by up to 50%.

There is some consolation for MNLTH 2 holders. They’ll receive a MNLTH X airdrop. Excitement for the drop is, at the time of writing, modest.

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