Renault dives deeper into Web3 with the Racing Shoe5 NFT Collection

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 last December.
• The Racing Shoe5 collection showcases 960 limited edition 3D art NFTs each accompanied by a matching pair of sneakers.

Renault has launched its second range of NFTs, the Racing Shoe5 NFT collection. This announcement comes on the back of a successful Genesis NFT collection, genR5 launched last December.

Renault’s latest NFT collection is inspired by the iconic Renault 5 Turbo model which was one of the most popular cars in Europe in the 1980s. The Racing Shoe5 collection showcases 960 limited edition 3D art NFTs, each accompanied by a matching pair of sneakers.

Each pair is integrated with Near-Field Connectivity (NFC) technology attached to the tongue of each pair, giving owners exclusive access to an NFT digital passport, allowing them to unlock different world experiences and benefits.

Renault is using what has proven to be a successful strategy to connect with fans through blockchain technology. Global sportswear giant Nike has been a market leader in leveraging NFT technology to establish a more engaging relationship with its customers while creating new revenue channels.

The sports and apparel company has made 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 that sell for €265 each.

The company also offered to cover any additional costs related to gas fees after Ethereum minting proved more expensive for collectors than expected.

“Despite the unexpected gas charges, Renault will honor the promised price of €265 for each buyer, and accepts the responsibility to cover any additional costs incurred. This bold move ensures a fair and accessible experience for all, and enables for enthusiasts to embrace the Racing Shoe5 collection without the burden of increased expense,” the company wrote in a statement 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 the intention is to “engage a wide range of individuals, and introduce them to the exciting possibilities of Web3 technology.”

In January 2023, Renault announced that it had become the first car 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 car experience.

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