In December of 2021, Nike made a gamble by buying virtual sneaker designer RTFKT. That gamble is now paying dividends, with Nike NFT sneakers selling for as much as $8k on the metaverse.
Nike’s Vision For The Metaverse
The metaverse is the future, and many industry heavyweights also believe in that notion. Amongst these heavyweights is the famous athletic wear manufacturer Nike. In December 2021, the company bought RTFKT (artefact), a virtual sneaker designer, in the hopes of planting itself firmly in the metaverse.
After months and months of planning, Nike and RTFKT dropped the Nike Dunk Genesis Cryptokicks over the weekend. The collection features 20,000 digital sneakers, and each sneaker has a unique appearance. Owners of Nike NFT sneakers can change the appearance of their sneakers via digital vials. Eight skins change the appearance of the digital sneaker, some rarer than others.
Since its launch over the weekend, the sneakers have been going for $7500 to $9000 (2.5 to 3 ETH). The digital vials used to change the appearance of the sneakers are going for a minimum of $2500 (0.8 ETH) as well.
The collection consists of various sneakers, some more common than others. Some cryptokicks, equipped with rare skins, have sold for insane amounts. One pair with a neon Nike logo sold for $133,000 (45 ETH). Another, an alien vial (the rarest in the entire collection), sold for $449,000 (150 ETH).
According to RTFKT, holders can perform certain online quests that would “evolve” the skins of their sneakers.
As of now, there are no announced plans for holders of these NFTs to receive real-life versions of their digital goods. However, a Snapchat filter allows owners to wear their kicks in AR. This move is part of a larger trend emerging known as virtual fashion.
Be aware of fake Nike NFT sneakers.
Fashion In The Metaverse
Nike is not the only athletic wear company delving into the metaverse. In December 2021, Nike’s fierce rival Adidas collaborated with the Bored Ape Yacht Club (BAYC) to release it into the metaverse collection. The collection consisted of 30,000 NFTs, and owners are entitled to drops of both virtual and real-life clothing.
The Nike – Adidas rivalry is as vibrant as ever, and both companies are taking it well into the metaverse. Adidas recently purchased land in Sandbox, a game-heavy metaverse in the Beta phase. Nike, on the other hand, has invested in Roblox, a digital world very popular amongst kids. Both companies are reluctant to give the other the upper hand in this rivalry.
A Trend Is Rising In The Metaverse
Besides Nike and Adidas, other popular brands are also increasingly investing in the metaverse. Dolce and Gabbana took a similar route to Adidas’ when they released an NFT collection that promised to give its owners drops of virtual and real-life clothing.
Gucci, as well, partnered with blue-chip NFT collections to put Gucci clothing on Pudgy Penguins, Bored Ape Yacht Club and World of Women avatars.