Nike (NKE) – Get the Class B report from NIKE, Inc. wants to be the benchmark in the sneaker world.
The brand intends to maintain its leadership at all costs, in the real or virtual world. No wonder then that the sports equipment manufacturer displayed its ambitions as soon as the metaverse became the buzzword.
The metaverse is a virtual world in which we are called upon to interact through avatars and technological tools such as virtual reality headsets. In the metaverse, we’re supposed to be able to do almost any activity that we do in the physical world.
Nike first filed a lawsuit in February against StockX, the Detroit sneaker exchange, which it accuses of infringing its patents by marketing non-fungible tokens of its sneakers. The company said StockX was selling unauthorized images of its shoes as NFTs.
CryptoKicks or digital sneakers
In its complaint, Nike also claimed that StockX offered a range of products that could confuse consumers.
The problem here is that in March, StockX pioneered the concept of Vault NFT around the combination of physical products and NFTs. The collection links a digital token that users can trade with each other with real sneakers: users can buy NFTs of popular collection sneakers that are backed by a physical pair. Owners can then exchange their NFTs for the physical pair of sneakers if they wish.
But it’s so yesterday. Because Nike has just taken a big step into the metaverse: the brand and the young digital fashion studio RTFKT have just unveiled a new kind of sneakers, entirely digital. These sneakers are called CryptoKicks.
“RTFKT, in collaboration with Nike CryptoKicks, presents the future of sneakers, powered by Skin Vial technology,” RTFKT recently posted on Twitter. “Welcome to 2052: 🌐👟🧪”
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CryptoKicks secondary market is booming
RTFKT specializes in creating virtual ready-to-wear items, associating each of its products with an NFT. These NFTs are certified and traceable digital deeds of ownership on the blockchain. Every product sold by RTKFT is available in very limited quantities to create excitement and create a feeling of exclusivity.
CryptoKicks were first offered to members of the RTFKT community. Those who had an NFT then received a box containing the digital sneakers. Each box is associated with an avatar that RTFKT creates as part of its Clone-X program, which is a set of 20,000 NFTs representing Japanese-style characters. Some of these avatars are trading at over 18.5 ethers on OpenSea, or nearly $55,000.
Nike since November has a virtual space in the Roblox (RBLX) – Get Roblox Corp Class A Report. Game. The buildings and grounds of Nikeland are inspired by the headquarters of Nike. They contain detailed arenas for the Roblox community to participate and test their skills in various games like Tag and The Floor is Lava. Players can also dress up their avatars with Nike merchandise.
Cryptokicks have been very successful so far. Just a few days after their launch, these digital sneakers are currently trading on the NFT OpenSea market at around 2.285 ether, or $6,521.68. This is based on the current Ether price of $2,854.13.
Reactions to CryptoKicks on Twitter are generally positive, which should reassure Nike as it tries to be the sneaker brand that Gen Zers turn to.
“I’m excited for my dunk angle,” one user posted on social media.
“People I called it 🔥👀🧬👀,” another commented.
“THE FUTURE IS NOW 🧪🗿🛸,” wrote another.