There’s no doubt that NFTs are proving to be the new collectibles and companies like Nike want their share. They hold far greater value than the in-game items that you will find in conventional games. You can transfer them anywhere and even sell them on the marketplaces like OpenSea. These qualities certainly make NFTs a worthwhile addition.
And Nike realises that. The company is moving towards positive growth by understanding what people are looking for. How’s that? Let’s find out:
Collecting Sneakers Vs The NFTs – The Realization
This segment is for you. Think about it, is collecting sneakers all that different from collecting NFTs? There are several limited edition shoes that Nike has released over the years. These hold significant values, and in the real world, collectors are willing to pay a huge sum of money to acquire them.
If you draw out this similarity with NFTs, the rarity and limited edition with the proof-of-ownership make blockchain a perfect digital domain for Nike. Nike has always been the master of exclusivity, and they will show it in the metaverse.
Nike’s Partnership With RTFKT
Nike had the vision to bring the next revolution in gaming, and digital collectibles and NFT were the way to do it. RTFKT has proven itself to be the master of advertisement and getting what people want. The company has sold millions of dollars worth of NFTs so far, and their fresh dominion in the NFT world is something Nike admires.
RTFKT previously collaborated with artists like FEWOCiOUS to sell over 600 pairs of NFTs within minutes. Of course, that was during the NFT hype and not that the hype is slowing down, even if they need sustainable addition. RTFKT has also launched the Clone X NFT collection with well-known Japanese artist Takashi Murakami.
Nike could provide them with the real-world value that they seek. Now that people are focused on value-driven NFTs, for RTFKT’s sustenance, it is only natural to partner with the apparel giant.
Nike’s Genesis NFT – CryptoKicks
With that in mind, we received the first sale of the Genesis collection from Nike. And yes, it was with the help of the RTFKT. The first series of NFT collectibles are accumulating thousands of dollars per pair. For instance, Murakami-dripped sneaker NFTs sold for over 45 ETH, making it six figures in dollars at the time.
That’s not the best part. CryptoKicks are customisable by people’s choice. After owning one, you can have the skin vials. With these skin vials (purchased separately), you can change anything from the skin to the tongue, even the trademark swoosh’s colour.
Taking On The Competitors – Utter Destruction
Of course, the giant isn’t a giant without destroying the competition. Taking over competitors could be construed in a positive or negative light, but Nike is suing many other NFT creators for copying their Nike style and art. The artists and creators who have previously turned Nike shoes into NFTs will soon see a vengeful company following them.
However, it is all in good faith. For instance, StockX is one of the companies that has benefitted from listing many limited edition sales by producing NFTs that look like Nike sneakers. They have various loopholes, like nullifying NFTs and their values, among other things. And they have made a fortune on them. It is natural for Nike to put down the hammer and show them who’s the boss.
Let’s Talk About The Genesis Edition
Nike’s CryptoKicks Genesis NFTs are undoubtedly one-of-a-kind. They are high-quality designs that appeal to the audience visually, and that’s not even the best part. The stunning visuals are accompanied by animations that wouldn’t be possible in the real world.
Now, with skin vials for colour customisation, these animations would only look even better. It also means that users can mint their versions of coloured Cryptokicks and sell them at the OpenSea and other marketplaces.
This was just the first batch of what Nike has planned for the blockchain world. During the lawsuit, Nike claimed that StockX’s NFTs couldn’t be exchanged for the actual pair of sneakers. This hints that Nike is planning on introducing a feature like that.
Some companies are working on allowing NFTs to be bought like fragments or stocks. Once you have enough supplies, like 100% fragments of an NFT, you could exchange it in real life for the real goods. So, if Nike introduces digital NFTs that users could also exchange for real-life sneakers, that would be a considerable boost to the overall values and prestige.
The Bottom Line
Nike again shows why it is the big boss of limited edition sales. The genesis sale, despite the NFT market’s slow-down, has managed to accumulate a large some. They have a good idea of what the people want, and they are willing to deliver it.