“However, having already achieved its artistic purpose, MSCHF recognized that settlement was the best way to allow it to put this lawsuit behind it so that it could dedicate its time to new artistic and expressive projects,” he said.

Nike said it would not be responsible for any issues with sneakers that people decide to keep.

“Purchasers who choose not to return their shoes and later encounter a product issue, defect, or health concern should contact MSCHF, not Nike,” the company said.

View Source

Zappos Chief Executive is Looking For a Way Forward

It was never going to be easy to succeed Tony Hsieh, the celebrated chief executive of Zappos, who turned a tiny online shoe seller into a $1 billion behemoth through an obsessive focus on corporate culture and happy employees. But Kedar Deshpande took over at a particularly fraught time.

Zappos, which is owned by Amazon, was already navigating remote work and grappling with pandemic-driven changes in how people shop when Mr. Hsieh abruptly retired in August after two decades, which led Mr. Deshpande to be named C.E.O. Then in November, tragedy struck: Mr. Hsieh, 46, died from injuries suffered in a house fire in New London, Conn., sending shock waves throughout the roughly 1,500-person company, as well as tech and entrepreneurial circles.

Since then, it has been reported that Mr. Hsieh had been behaving erratically for months and that friends had considered staging an intervention last summer. The revelations brought new scrutiny to the circumstances of his exit from Zappos.

Mr. Deshpande, who was previously Zappos’s chief operating officer, said that when Mr. Hsieh told him last summer that he wanted to pursue other projects, he did not push back.

Las Vegas can survive without its chief architect.

has claimed that it is harder to get a job at Zappos than it is to get into Harvard.

Mr. Deshpande said Zappos employees had become closer in some ways in the past year as they brought family or pets into the remote-work fold.

“The Ones,” which is tailored for female sneakerheads and advertised as “powered by Zappos.”

VRSNL, a luxury site that has its own web address and no visible link to the shoe site. It features wares from designers like Dolce & Gabbana and Proenza Schouler. The company has been pouring new effort into product detail pages and informational videos catered to audiences like new runners, and even co-developing merchandise and campaigns with the brands it carries.

“What online fails to deliver, which physical delivers today, is around these different experiences,” Mr. Deshpande said. “Until you actually go and deliver on these experiences, people will go back to the physical, in my opinion, and they will stay online for only transactional experiences.”

The company refers to these efforts as “experience commerce,” and said the category was driving 25 percent of its investments. Outside of prompting consumers to explore more, Zappos is also trying to make online shopping more cohesive — all with the aim of getting consumers to spend more money over time.

“One of the challenges has been that when somebody walks into ‘online,’ somebody looking for a jacket, for example, we show them inventory next to each other — like a $30 jacket, $50, $100, $300,” Mr. Deshpande said. “This is a very disorienting experience.”

In his view, all of the efforts are in line with Zappos’s obsessive focus on service for the past 20 years, which he anticipates remaining its focus for the next 20 years.

While the company is still grieving Mr. Hsieh, Mr. Deshpande said, employees will continue to embody the values that he championed. He pointed to an instance during the holidays when one employee mentioned children missing out on meeting Santa Claus during the pandemic, leading to a multidepartment effort to set up Santa Zoom meetings for children around the country.

“To me, Tony’s legacy is around delivering this happiness to everybody,” Mr. Deshpande said. “This culture he has created or pioneered, it’s going to be alive.”

View Source

Investment Mania: From Crypto Art to Trading Cards

“Most people are cheering, but at the same time, shaking their heads and going, when is the bust coming?” said Jane Leung, the chief investment officer at SVB Private Bank.

One of those who bought into the frenzy was Matthew Schorr, 35, a lawyer in Cherry Hill, N.J. For years, he has been on the lookout for hot investments, but lost interest in the stock market and abandoned Bitcoin after his friends dismissed the cryptocurrency as “fake money.” He now regrets that because the value of a single Bitcoin has soared above $57,000, meaning the eight Bitcoin he paid for a Domino’s pizza in 2011 would be worth more than $450,000 today.

Mr. Schorr did not want to miss out again. So starting in January, he spent $5,000 to buy 351 videos from NBA Top Shot, a site for trading basketball highlight clips, after he saw social media chatter about them selling for tens of thousands of dollars. The value of those clips has now soared to $67,000, according to Momentranks.com, which tracks the sales.

The clips are a type of investment known as NFTs, or nonfungible tokens, which have taken off in music, art and sports. The digital tokens use networks of computers to prove that a digital item like a video, image or song is authentic, giving the item a value — at least in the eyes of the person buying it. Some liken NFTs to digital trading cards. (The creators of the underlying works typically retain the copyright.)

Skeptics consider NFTs among the most questionable of assets, since an NFT image can be endlessly copied and shared. Still, enough people are convinced of the value of authenticating tokens that they have dovetailed with another market-propelling phenomenon, FOMO, or “fear of missing out.”

“I’m trying to keep my finger on the pulse and not let myself fall behind again,” said Mr. Schorr, who spends as much as five hours a day researching the market and chatting with fellow collectors on Discord. “That sort of return over six weeks is completely unheard-of in any financial vehicle.”

Last month, NBA Top Shot crossed $232 million in total sales since it started last year — including $47.5 million in sales on a single day.

View Source