Nike Sells NFT Sneakers for Thousands. This Week's Top Bitcoin and Crypto News (2024)

FAQs

Nike Sells NFT Sneakers for Thousands. This Week's Top Bitcoin and Crypto News? ›

Nike released a collection of 20,000 digital sneakers as NFTs last weekend. The NFT sneakers, which aren't physical shoes, are selling for about $6,000 to $9,000 in ether. A company called RTFKT ("artifact"), which Nike bought last year, designs the virtual sneakers.

Quick Take. Nike-RTFKT non-fungible token collections have generated nearly $1.4 billion in trading volume and $170 million in earnings. An event last month where NFT holders could order limited-edition Nike-RTFKT shoes caused trading for the NFTs to leap by more than 600%.

In April, Nike released its first collection of virtual sneakers, called Cryptokicks, which comprised 20,000 NFTs, including one designed by the artist Takashi Murakami that was bought by someone named AliSajwani for $134,000.

NFT investing is still extremely risky

NFTs may be entering a new phase, but NFTs and cryptocurrencies are still high-risk investments. The market is in its infancy, and the technology and legal environments are still evolving. Bear in mind that many NFT investors have already lost money.

NFT sneakers are digital sneakers that can be used in the online world such as Metaverse, which refers to a three-dimensional virtual space, and games . It is gaining popularity as a fashion item for avatars and as a “Move-to-Earn” that allows you to earn virtual currency by wearing it in the NFT game.

TLDR: Since December 2021, Nike has earned $185M dollars in NFT sales revenue and generated $1.3B in NFT sales volume. Nike led the pack in brands that launched NFTs as they made 8x more in revenue than the brand having the second greatest revenue (D&G at ~$23M).

The NFTs from this collection have sold for as high as $134,000 (roughly Rs. 1 crore). Nike, which acquired virtual design studio RTFKT last December to accelerate its metaverse and NFT push, has bagged $185.3 million (roughly Rs. 1,478 crore) in NFT sales.

Nike's Acquisition of RTFKT

The company has manufactured physical products through so-called “forging events,” where owners of the studio's NFTs can request to have their virtual sneakers made into real ones.

RTFKT and NIKE launch 'Cryptokicks iRL' sneaker collection

Recently acquired by Nike, the brand has collaborated with its parent company to launch Cryptokicks iRL, a line of futuristic footwear that brings its signature sneaker NFTs to life.

Swoosh Web3 platform is Nike's ecosystem for virtual wearables and NFT collections.

Why did NFTs fail? ›

Yes, the value of many NFTs has significantly declined following their initial surge. This drop is attributed to various factors, including market saturation, decreased speculative trading, and shifts in the broader economic environment. However, it's important to note that the NFT market is diverse.

As we look ahead to 2023–2024, the world of NFTs is poised for continued growth and innovation. NFT trends will encompass a wide range of strategies and technologies, including metaverse integration, sustainability initiatives, influencer partnerships, and data analytics.

NFTs are poised to be a major driver of Web3 adoption in 2024 – but the successful projects will look very different from what's come before. At the close of 2023, we're seeing a resurgence of interest in NFTs.

The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody and require few or no coding skills to create. NFTs typically contain references to digital files such as artworks, photos, videos, and audio.

NFTs are used to secure and transfer ownership of digital items, be it an image, audio, video, documents, avatars, tickets, digital art pieces, virtual worlds, game collectibles, or anything else that can be digitized.

Non-fungible tokens use blockchain technology to digitally signify ownership. NFTs may change how you buy a home, get insurance, borrow money, and more. NFTs can be used for many applications beyond collecting digital art.

NFT collections are ranked on DappRadar based on a combination of factors that reflect their popularity and activity. These include the number of unique traders interacting with the collection, the trading volume, and the total number of assets in the collection.

But the sale was just the start of a larger plan to expand Nike's influence into new digital realms, and it illustrates how NFTs can still offer a way for brands to build and connect with a community — if they do it right. Prior to the sale, Nike spent months building awareness and educating its customers about what .