Now that NFT shoes are a thing, it was only a matter of time before socks materialized in crypto land, too. But as it turns out, this isn’t a new thing — Uniswap, the decentralized crypto exchange, has been selling $SOCKS tokens since 2019 through its Unisocks exchange.
The token, which can be redeemed for a pair of real-world socks, was created as an edition of 500, with the first SOCKS token priced at a humble $12. At the time of writing, the price of a single token sits at $92,358 — down from an all-time high of $164,012. Regardless of the value drop, they’re still probably the most expensive pair of socks in the world.
So why socks? The goal of the token wasn’t just to get people to purchase a pair of outlandishly priced socks, but rather follow a sale pattern known as a bonding curve. That basically means that each pair of SOCKS sold increases the price of the next one. This — along with the new “automated market maker mechanism” that Uniswap uses — was meant to be something of a proof of concept for how such a marketplace could work.
Of course, a buyer can also sell their token back at any time; they can also redeem the token for a real-world pair of white tube socks covered in pink Uniswap designs. Take a look at the design up top and learn more about $SOCKS tokens here.