While Kanye's slashing his prices, the competition's going up -- WAY up, as in $4 million for a single pair of sneakers, and for some reason people are lining up to buy 'em.
The shoe is called "The Fire Monkey," but it's really just Dwyane Wade's Li-Ning Way of Wade 4 ... with several hundred carats of white diamonds and sapphires strategically added!
The ridiculous baller design is a collabo between Bicion, owned by "Growing Up Hip Hop" star Egypt Criss (Pepa's daughter) and Mache Customs.
A Bicion employee posted a brief peek at a pair that's only 60% completed. Our shoe sources say that was enough for 2 potential buyers -- from the Middle East and China -- who are flying to NYC next week to see the finished product.
Proceeds from the eventual sale will support the Soles4Souls charity.