Nike takes its NFT strategy one step further after its crypto arm RTFKT announced the “Cryptokicks iRL” collection.
The leading athletic apparel and footwear company is joining the “Move to Earn” race, an emerging space in the cryptocurrency industry that links exercise and real-life activity with cryptocurrency rewards.
Cryptokicks iRL
The Cryptokicks iRL NFT sneaker collection is based on Nike’s iconic 1989 Air Mag designed by sneaker legend Tinker Hatfield. It is the first smart sneaker released by RTFKT.
Our next-gen innovation drop
Cryptokicks iRL 👟⚡️
1st native web3 sneaker
Combining decades of @Nike tech 👨🔬
& RTFKT vision to merge worlds 🌎🌐
Details & FAQ: https://t.co/0I5cwrd8bb pic.twitter.com/A1jP8xg0NZ— RTFKT (@RTFKT) December 5, 2022
According to the collection announcement, Cryptokicks iRL are limited to 19,000 sneakers, with the color combination (Blackout, Stone, Ice and Space Matter) chosen by collectors.
The price of each sneaker will vary by style and private and public mint, ranging from $450 to $1333.
Digital collectible slippers will be redeemable for a physical pair in a process RTFKT calls forging.
The physical item is linked to the NFT digital sneaker via RTFKT’s WM chip. The collection will go on sale on the RTFKT.com website with the mint for NFT Lace Engine holders starting December 12, 10:30 AM EST.
Separately, registration for the public drawing begins on December 7, 11:00 AM EST and ends on December 9, 11:00 AM EST.
The sweepstakes is open to US0-based RTFKT account holders with at least 5 ETH in their WalletConnect-supported crypto wallet. Each unique wallet/RTFKT account is eligible for one entry into the sweepstakes.
Nike is looking to build on its success in the NFT space after amassing all-time NFT sales of nearly $200 million through its RTFKT.
The NFT project has generated more than $900 million in all-time transaction volume according to Cryptoslam data through its two main collections CloneX ($773.9 million) and CloneX Mintvial ($134.9 million).
The NFT industry peaked in the last quarter of 2021 after an influx of celebrities and mainstream brands, while Facebook’s rebranding to Meta Platforms also attracted more big players to web3.
Nike and Web3
Nike acquired the RTFKT NFT project in December 2021 for an undisclosed amount. The project was valued at $33.3 million in May 2021.
In addition to the RTFKT acquisition, Nike is also taking steps of its own to accelerate its innovation strategy and keep up with historic competitor Adidas; so it recently unveiled .SWOOSH, a metaverse studio that will house all of its virtual fashion creations.
This effort is the next stage in a journey that has seen the Nike-RTFKT duo deliver ongoing Web3 activities and establish a community with over 1 million followers on social media.
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