HomeNFTINTERESTING STORY BEHIND THE NIKE'S CRYPTOKICKS DUNK GENISIS RTFKT NFT

INTERESTING STORY BEHIND THE NIKE’S CRYPTOKICKS DUNK GENISIS RTFKT NFT

Nike, one of the most popular foot-ware brand, continues to grow in the crypto space with their first NFT release, dubbed “MNLTH.” This time, the footwear behemoth has unveiled its first virtual shoe NFTs, created in conjunction with collectible company RTFKT.

Nike Cryptokicks are digital sneakers modeled around the brand’s famous Dunk design. RTFKT designed eight different skins for the Nike Dunk Genesis shoes. Each skin may be applied on your virtual shoe by changing the “vial,” which changes the look of the sneaker. The project’s next drops are expected to contain a greater assortment of “vials.” 

Also Read: INTERESTING FACTS BEHIND WHY NFTs ARE BECOMING POPULAR

Let us know about the Nike’s crypto journey and learn about the story behind the Nike’s Cryptokicks Dunk Genisis RTFKT NFT in detail.

A BRIEF INSIGHTS INTO NIKE 

Nike, Inc. is a multinational business headquartered in the United States that designs, develops, manufactures, promotes, and distributes footwear, apparel, equipment, accessories, and services across the world. The headquarters of the corporation is in the Portland metropolitan region, near Beaverton, Oregon.

With more than US$37.4 billion in revenue in the fiscal year 2020, it is the world’s largest marketer of athletic shoes and clothing, as well as a major manufacturer of sports equipment (ending May 31, 2020). It employs 76,700 employees worldwide as of 2020.

The brand was valued at more than $32 billion in 2020, making it the most valuable brand among sports corporations.Nike was rated 89th on the 2018 Fortune 500 ranking of the world’s top firms based on total revenue.

On January 25, 1964, Bill Bowerman and Phil Knight launched the firm as “Blue Ribbon Sports,” and on May 30, 1971, it became Nike, Inc.

Nike, the Greek goddess of triumph, inspired the company’s name. Nike sells items under the Nike brand, as well as Nike Golf, Nike Pro, Nike+, Air Jordan, Nike Blazers, Air Force 1, Nike Dunk, Air Max, Foamposite, Nike Skateboarding, and Nike CR7, as well as subsidiaries of Jordan Brand and Converse.

Between 1995 and 2008, Nike owned Cole Haan, Umbro, Hurley International, and Bauer Hockey.

WHAT IS THE NIKE’S CRYPTOKICKS DUNK GENISIS RTFKT NFT ?

RTFKT is well-known for its virtual collectibles made in collaboration with artists like Takashi Murakami and Jeff Staple, which launched in early 2020 and was bought by Nike in December 2021.  

Nike has announced a collaboration with Roblox, the enormously popular multiplayer online (MMO) game platform, to host ‘NIKELAND,’ a collection of product showrooms and play areas.

The Beaverton-based company is hosting its own Metaverse experience on the popular gaming platform, and Roblox users are encouraged to sign up for NIKELAND for free.

The Metaverse platform allows users to play minigames such as tag, dodgeball, and the ‘floor is lava.’ 

Nike is allowing developers to create minigames using its tools in order to stimulate “competition and innovation,” which means that digital visitors will soon be able to play a variety of independently built NIKELAND games.

NIKELAND is a cross-platform experience, so smartphone users may participate in and enjoy platform-specific interaction.

The Roblox engine reads a user’s movement during online play, such as large leaps or sprinting, using accelerometers and augmented reality (AR) devices on a smartphone. 

INSIGHTS INTO NIKE’S NFT JOURNEY

As digital collectibles become more valuable, fashion firms have been anxious to capitalize on NFTs, and their efforts are paying off. Among the top NFT-selling companies are Nike, Dolce & Gabbana, and Tiffany & Co.

Because of its acquisition of RTFKT, the former leads the way with a massive $185.3 million in NFT collections. 

Nike made their first foray into the metaverse with the release of “Nikeland,” a collaborative virtual environment with Roblox. Nike defended its digital similarities when StockX created NFT replicas of the Swoosh’s footwear, but it wasn’t until the business purchased RTFKT that the company began producing its own NFTs.

Digital collectibles are clearly profitable, and the brand isn’t one to turn out a profit opportunity. 

According to Dune Analytics, Nike’s NFT income is made up of around half the main sales and half royalties. Nike NFTs sold for $1 billion on the secondary market, with Nike pocketing $93 million.

The brand surpasses competitors such as Dolce & Gabbana, which produced a total of $25.66 billion in NFT-related earnings, according to Dune Analytics. 

In October 2021, the Italian fashion house made waves with its Collezione Genesi, a nine-piece collection of fashion NFTs and physical clothes that sold for about $5.7 million. D&G has grown its NFT product range since then, with primary sales revenue accounting for $23.14 million of total NFT revenues and royalties accounting for $2.52 million.  

Tiffany & Co. ranks third overall, with $12.62 million in total earnings from digital collectibles, thanks to the brand’s 250 NFTs, which were put up for sale and sold to CryptoPunks NFT holders for 30 ETH apiece.

Tiffany & Co. does not pay royalties on secondary sales, but according to Dune data, the brand’s NFT secondary turnover is worth $3.4 million based on 74 secondary transactions. 

Gucci, the second-highest-ranking luxury brand on the list, comes in fourth place with total NFT sales of $11.56 million. Adidas comes in sixth place with $10.95 million, and a pittance is given the brand’s current “Into The Metaverse” NFT relationship with Bored Ape Yacht Club. Budweiser, Time Magazine, and the Australian Open are among the other companies with significant NFT earnings.

So far, the money created by NFTs appears to be more than promising, especially considering that the great majority of these brands are very new to the metaverse. The total profitability of labels is likely to grow as they continue to enter NFTs and efficiently develop communities in their respective locations.

After all, because digital efforts require less manufacturing and distribution than physical ones, they may end up being more profitable. 

Nike is celebrating its 50th anniversary this year, and it is looking ahead to the next 50. Nike Forward, the brand’s most significant clothing innovation since Dri-Fit, debuted in accordance with the company’s environmental goals.

The line abandons standard knit and weave processes in favor of “a completely new material that considerably reduces its carbon footprint,” according to Carmen Zolman, Nike’s VP Innovation Apparel Design. 

HOW TO PURCHASE NIKE CRYPTOKICK NFT?

RTFKT Studios, a digital fashion startup, introduced Nike CryptoKicks, a new range of customized non-fungible token (NFT) footwear, on Friday. This was Nike’s first large shoe release since acquiring RTFKT in December.

The RTFKT Nike. Genesis sneaker differs from the ‘skins’ that vary the style and colors of the shoe and are now created by well-known designers. In the future, RTFKT intends to let other designers and influencers develop their own Nike CryptoKicks skins.

The digital shoes and skins are available initially to owners of RTFKT’s Monolith NFT token, which symbolizes 12,950 pieces of the Monolith. RTFKT’s Clone X profile image NFT owners got monolith fragments through airdrop in February.

The separation of the shoe and the skin has caused a problem. On Twitter, RTFKT alerted purchasers of an exploit in which dealers promote a digital shoe with a skin but then remove the skin before receiving buy bids. As a consequence, the customer would only receive the vanilla shoe and not the associated skin they expected.

Since Friday, the digital shoes have made almost 3,100 Ethereum ($8,720,000) in trade activity on the NFT platform OpenSea. Another 2,500 Ethereum ($7,040,000) transaction volume was created by a collection of ‘Skin Vials’ used to personalize the shoes. 

NikeID, which allows customers to personalize actual Nike things, was created by Nike in the year 2000. The footwear manufacturer registered for the Cryptokicks trademark in 2019, followed by patent filings the following year. Nike has expanded its sneaker personalization to the metaverse in order to capitalize on the NFT frenzy.

 Adidas, a rival sportswear business, is vying with Nike in terms of metaverse adoption. The firm bought Bored Ape Yacht Club (BAYC) #8774, Indigo Herz, in December and branded it with the company’s emblem.

It also purchased real estate in the Sandbox metaverse game. It distributed 30,000 NFTs in collaboration with BAYC, CryptoPunks comics, and influencer gmoney.

HOW MUCH IS NIKE NFT WORTH?

What possible uses do NFTs have? Only a few months ago, the burgeoning NFT industry seemed to have a promising future. The market will be valued at $80 billion in 2025 and $147 billion in 2026, according to Jeffries.

Despite the fact that the original NFT mania has died down in recent months, with people hesitant to buy these digital items, the art and fashion industries have both enthusiastically adopted non-fungible token technology. 

Despite the NFT industry’s dramatic fall, some brands, like Nike, have clearly emerged triumphant in recent months. The US sportswear behemoth has now earned more than $185 million in NFT sales, far outperforming the competition. 

According to Dune Analytics data collected on the Ethereum blockchain and revealed, Nike, already the uncontested shoe market leader, can now claim to be the brand with the highest money made by NFTs across all sectors.

Nike is the most profitable brand in the non-fungible token market, with NFT sales generating over $185 million in revenue. A fantastic amount, seven times that of the second brand on the list, Italy’s Dolce & Gabbana. 

Success may be attributed to Nike’s acquisition of RTFKT, pronounced “artifact,” a startup specializing in the production of virtual clothing and footwear. Nike’s first digital shoe line, which debuted in April, caused a gold rush, with second-hand versions fetching an average of $8,500.

These CryptoKicks sneakers are designed for users’ metaverse avatars as well as collectors. Nikeland, which can be seen on Roblox, has enabled the American athletic products company to establish a significant presence in these new virtual worlds. In March, Nike’s metaverse saw over 7 million visitors. 

FINALLY 

To begin with, investing in NFTs is a misnomer because NFTs are not an asset class in and of themselves. NFTs use blockchain technology to digitally represent ownership, much like a car title, rather than the actual vehicle.

It is not a good idea to acquire an asset only because it has been tokenized into an NFT, just as you would not purchase a vehicle solely for the paper title. Not to say that investing in tokenized assets is always a terrible decision.

If you locate a nice asset and have the necessary funds, you may wish to purchase it. If the asset’s ownership is tokenized, You may be able to benefit from the additional benefits that come with NFTs.

However, you should be aware of the hazards associated with NFT investing. 

FAQs

1. WHERE CAN WE BUY NIKE NFT? 

One analogy I’ve heard in the last year is that buying NFTs to “flex” on people in the metaverse is like collecting sneakers, and Nike appears to be ready for the literal version of that potential.

The apparel behemoth recently purchased RTFKT Studios, which has been described as “a premium brand that harnesses cutting edge innovation to provide next-generation collectibles that merge culture and gaming.” 

According to RTFKT, a February partnership with young artist FEWOCiOUS to sell actual shoes combined with virtual ones sold 600 pairs/NFTs in six minutes, making more than $3.1 million. On March 1, Grimes sold $6 million in digital artwork, at the same moment that most of us were learning about NFTs for the first time.

It’s unclear whether any of these digital things are still valuable; a number of them are now or recently sold for less than their initial price on OpenSea and Nifty Gateway. 

2. ON WHICH BLOCKCHAIN IS NIKE NFT MINTED? 

Nike’s first digital metaverse sneakers are the Ethereum NFT-based RTFKT x Nike Dunk Genesis CryptoKicks.

In December, the shoe behemoth acquired RTFKT Studios, an NFT subsidiary. 

Nike took a giant step into the metaverse in December when it acquired RTFKT Studios, a business famed for its groundbreaking digital shoes, which are now available as NFT assets.

Today, the first fruits of that relationship were displayed, with RTFKT showcasing Nike’s first Ethereum NFT sneakers.

The RTFKT x Nike Dunk Genesis CryptoKicks looks to be digital wearables for the metaverse. RTFKT originally teased them on Twitter with a teaser video that showed how the appearance of the digital shoes could be customized using collectible “Skin Vials” that could be changed out to enable changing patterns.

Nike’s first CryptoKicks may be purchased with RTFKT’s MNLTH Ethereum NFTs, which were free-of-charge airdropped to holders of RTFKT’s valued CloneX profile image NFTs and other prior RTFKT NFTs in February.

An NFT is a form of token used to demonstrate ownership of digital assets like video game items, artwork, or nearly anything else accessible online. 

3. WHAT IS THE LATEST GLOBAL CAMPAIGN OF THE NIKE TOP SHOT TRADEMARK? 

The apparel behemoth has entered the metaverse for the first time. On Monday, the Oregon-based business registered a series of new trademarks, hinting that it aims to manufacture and sell virtual Nike footwear and clothing.

On October 27, Nike filed trademark applications with the US Patent and Trademark Office for “Nike,” the brand’s iconic tagline “Just Do It,” and the swoosh logo. Two further applications for the “Air Jordan” and “Jumpman” logos were submitted the next day.

In total, seven separate applications have been filed. “Nike is defending its trademarks for this new era,” trademark expert Josh Gerben explained. A request for comment on the company’s future intentions was not promptly responded to.

Those familiar with the company’s strategy, on the other hand, say the sector is a top focus for the company, and customers should expect additional virtual rollouts in the coming months. Nike is aiming to staff up in the space in addition to trademark requests.

Nike offers employment vacancies for a virtual material designer of footwear and other virtual design professions, according to a Nike job search. According to the job postings, “this role lives in the Digital Product Creation department, a team devoted to sparking Nike’s digital and virtual revolution.” 

According to Gerben, the trademark filings “would very clearly constitute a salute to this notion of the metaverse.” “They’re reapplying for the company’s primary trademarks, claiming they’ll launch and sell virtual clothing, headgear, and shoes in online and virtual worlds.”

According to Gerben, the new trademarks also offer Nike with additional protection if the word is used without permission.

Ilmahttps://www.finthora.com
Hi, My Name is Ilma. I am the Founder and Author of Finthora. By Profession, I am a Web Developer. However, I love to learn new Technology-based stuffs like NFT, Metaverse and Crypto. I learn & then apply my knowledge, and then here, I am sharing my experience with my valuable audience.
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