The Nike HyperAdapt 1.0 self-lacing sneakers will be priced at $720 USD with a reported release date of Dec. 1. It was earlier rumored that the high-tech shoes would be available for $1,000 USD on Nov. 28. 

YouTube user and shoe enthusiast Jacques Slade announced the Nike HyperAdapt 1.0 self-lacing sneakers $720 USD price tag and Dec. 1 release date through Twitter. A Nike spokesperson also confirmed details to Mashable and it seems the highly awaited sneakers will indeed arrive before the holidays.

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"Innovation of Nike is not about dreaming of tomorrow. It's about accelerating toward it. We're able to anticipate the needs of athletes because we know them better than anybody. Sometimes, we deliver a reality before others have even begun to imagine it," Nike designer Tinker Hatfield said about the Nike HyperAdapt 1.0 self-lacing sneakers.

The Nike HyperAdapt 1.0 self-lacing sneakers' laces automatically tighten when the user hits the sensor with their heel. It can be adjusted through two buttons on the side which can tighten or loosen the fit. It is powered by lithium-ion batteries which can last for two weeks. It has LEDs on the heel and sole to show battery life. It will display a blue light when the battery is still strong, yellow when it only has about a few days left, and red when it has to be recharged right away.