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Without a doubt, NFTs are emerging as the newest collectibles, and companies like Nike want a piece of the action. They are much more valuable than the in-game items you would typically find in games. They are transferable to any location, and you can even sell them on online markets like OpenSea. NFTs are unquestionably a valuable addition because of these qualities.
Nike is aware of that. Understanding what customers want is helping the business grow positively. How’s that? Let’s investigate:
Collecting Sneakers Vs The NFTs – The Realization
You should read this section. Consider this: Are collecting sneakers and collecting NFTs really that different from one another? Over the years, Nike has released a number of limited edition shoes. In the real world, collectors are prepared to shell out a sizable sum of money to acquire these because they have significant value.
If you draw this parallel to NFTs, then blockchain is the ideal digital space for Nike because of its rarity, limited edition, and proof-of-ownership features. Nike has always been the king of exclusivity, and in the metaverse, they will demonstrate this.
Nike’s Partnership With RTFKT
Nike had the foresight to usher in the next gaming revolution, and NFT and digital collectibles were the means to that end. RTFKT has demonstrated its mastery of advertising and ability to satisfy consumer demands. Nike respects the company’s recent dominance in the NFT market because it has sold NFTs for millions of dollars to date.
In the past, RTFKT has worked with musicians like FEWOCiOUS to sell over 600 pairs of NFTs in a matter of minutes. Naturally, that was during the NFT hype and does not mean that it is waning, even though they require sustainable addition. Along with well-known Japanese artist Takashi Murakami, RTFKT also unveiled the Clone X NFT line.
They might find the practical value they seek from Nike. It makes perfect sense for RTFKT to collaborate with the world’s largest apparel company now that consumers are focusing on value-driven NFTs.
Nike’s Genesis NFT – CryptoKicks
In light of this, Nike made the first purchase from the Genesis line. And the RTFKT’s assistance was certainly necessary. NFT collectibles from the first series are fetching thousands of dollars per pair. Consider the Murakami-dripped sneaker NFTs, which at the time sold for over 45 ETH (six figures in dollars), which were.
The best part isn’t that. People can customise CryptoKicks to their preferences. You are allowed to have the skin vials once you have one. You can alter the appearance of anything, including the colour of the distinctive swoosh, with these skin vials (sold separately).
Taking On The Competitors – Utter Destruction
Of course, the giant wouldn’t be a giant if he didn’t crush his rivals. Taking over rivals could be viewed positively or negatively, but Nike is suing a lot of other NFT designers for stealing their Nike aesthetic and design. A vengeful company will soon be pursuing the artists and creators who have previously turned Nike shoes into NFTs.
All of it is done in good faith, though. By manufacturing NFTs that resemble Nike sneakers, StockX, one of the companies, has benefited from listing numerous limited edition sales. They contain a number of flaws, including the ability to invalidate NFTs and their values. And they have profited greatly from them. Nike should naturally drop the hammer and establish her authority over them.
Let’s Talk About The Genesis Edition
Undoubtedly unique, Nike’s CryptoKicks Genesis NFTs are. They have excellent designs that visually appeal to the audience, but that isn’t even the best part. Animations that aren’t feasible in the real world go along with the stunning visuals.
Now, these animations would only look even better with skin vials for custom colour customization. Additionally, it means that users can print their own customised coloured Cryptokicks and market them on OpenSea and other online markets.
Nike has more products planned for the blockchain market; this was just the initial batch. Nike argued that StockX’s NFTs couldn’t be exchanged for the real pair of sneakers during the legal proceeding. This suggests that Nike intends to add a feature like that.
Some businesses are working to make it possible to purchase NFTs just like stocks or stock fragments. When you have an adequate supply, such as 100% of an NFT’s fragments, you can exchange it in person for the real goods. Therefore, if Nike were to introduce digital NFTs that customers could also trade in for actual sneakers, that would significantly raise the value and prestige of the brand.
The Bottom Line
Nike demonstrates once more why it is in charge of limited edition sales. Despite the NFT market’s slowdown, the Genesis sale has amassed a sizable amount. They are prepared to give the people what they want because they have a good idea of what they want.
