Renault Debuts Phygital NFT Collection: Racing Shoe5

Credit: Renault

Renault, the French auto-manufacturing giant, has taken its next step into Web3: collection of 960 non-fungible token shoes that come with a unique, physical pair. The NFT set, called Racing Shoe5, comes with a 3D, interactive storefront where users will be able to view the different designs of the shoes, as well as choose a racing avatar.

The NFT collection is based on the R5 Turbo, one of Renault’s most popular cars in the 1980s and one that is being reborn as an electric vehicle soon. There are 160 non-fungible tokens for each shoe, a number that harkens to the amount of torque per R5 Turbo. The NFTs come in distinct styles and colors, as well as certain technological enhancements.

One of those enhancements is the presence of a near-field communication chip in each of the shoe’s front tongue. Scanning this chip will pull up the holder’s digital passport, which gives them access to exclusive perks, including access to an exclusive meet up with the brand designers at Renault’s Research and Development Center, as well as a dedicated and customizable merchandising collection.

The company is selling each NFT for 265 Euros, and the launch is occurring on the Ethereum blockchain. In an unusual move, the company is covering any extra fees incurred due to gas costs, which have been remarkably high on Ethereum over the past few weeks as meme coin fever has gripped the Web3 space.

The Racing Shoe5 collection follows the launch of Renault’s initial NFT collection, which it launched in December of last year. The company has been active in Web3, creating an industrial metaverse that relies on digital twins, which it says will save the company $300 million by 2025.

Renault Bets Big on Web3

While many car manufacturing companies have entered Web3, few have done so with as much gusto as Renault. The French auto manufacturer has created NFT collections, partnered with decentralized metaverses, and even launched its own metaverse. Here are two stories we have covered involving Renault over the past 12 months.

First, six months ago, the car company launched its industrial metaverse, which will save it $300 million in just a couple of years. The Renault industrial metaverse relies on digital twins, tech speak for when an entity creates a digital copy of a physical machine. At the time of the announcement, the company was collecting a billion data points at Renault sites every day.

Lastly, eight months ago, Renault Korea partnered with The Sandbox, a decentralized metaverse, to offer digital automotive experiences. Through the partnership, Renault hoped to create more ways users could explore vehicles through NFTs, VR, and the blockchain. The idea was to form relationships with potential clients.

As today’s story shows, Renault continues to be active in Web3, even despite a cryptocurrency bear market. That’s certainly a bullish sign for the space. Rarity Sniper will report back with any further developments in this story.