Then in April 2022, Nike launched its first-ever collection of virtual sneakers. The sneakers were called Cyptokicks and the collection comprised 20,000 different NFTs that artist Takashi Murakami had created. Murakami is known to be a highly regarded artist in the world. However, recently Nike sold out one of their virtual sneakers designed by Murakami for $134,000. The pair of shoes was brought at the time of auction by a person named AliSajwani on OpenSea, which is among the most important platforms in the ecosystem. The starting price of the collection during the launch was around $8,500. To be eligible for buying an exclusive digital sneaker from Nike, you first need to purchase the non-fungible token (NFT). By doing so Nike is trying to fill the gap between show collectors and NFT collectors. Jurgen Alker who runs the NFT studio for Highsnobiety, the lifestyle site covering sneakers and streetwear said that the mechanics around sneakers and NFTs are almost the same as both are created around scarcity and drops. It is all about status, community, and belonging to something.
Nike’s first project with RTFKT
With this project, Nike has got into the metaverse for the first time and the project is Nike’s first one with RTFKT. RTFKT is a virtual footwear company Nike bought back in December and the name of the company is pronounced as “artifact.” RTFKT has stoked a market for virtual sneakers. Nike is not the only footwear brand to step into the metaverse. In December, even Adidas started to sell limited-edition tracksuits and sweatshirts when it joined the metaverse. however, it did not sell sneakers. As per The Verge, Adidas collectors who were aware of how to use NFT made around $22 million on the first afternoon.
