UPDATE: Following our initial report, it looks like Nike's Hyperadapt 1.0 will actually be releasing for $720 USD on December 1.

You can read our updated story below.

Nike has announced the price of its highly anticipated self-lacing sneaker, the Hyperadapt 1.0, but fans expecting something reasonably affordable might be left disappointed. The Swoosh says it will begin selling the shoe by appointment only on December 1 for a price of $720 USD.

The price seems steep but it's a brand new technology (despite the fact we've waited almost 30 years for self-lacing sneakers since they debuted in Back to the Future Part II in 1989) which only recently became reality thanks to the Nike MAG earlier this year.

Presumably shoes like these use parts which Nike has only just begun manufacturing, but hopefully as they become cheaper to produce, we'll see self-lacing sneakers at the other end of the market. For now, this is what you'd be getting if you're willing to part with your $720 bucks:

According to Nike, when you step in to the shoe your heel will hit a sensor and a high-tech mini-motor will automatically tighten the shoe. Then there are two buttons on the side; one to tighten and one to loosen. You simply adjust it until it’s the perfect fit.

Is the price justified? Let us know in the comments below.

In other sneaker news, Nike SB’s new Dunk Low is inspired by its iconic 2005 pink shoe box.

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