The Nike-owned non-fungible token studio RTFKT released its first digital sneakers, called Nike Cryptokicks, last week.
The sneakers take the shape of Nike’s iconic Dunk shoe and can be customized with a variety of skins. Only those who previously bought RTFKT’s secret box NFT called MNLTH – which was exclusively airdropped to Clone X and PodX holders in February- , which came out earlier this year as a futuristic-looking box with Nike’s logo on it, were eligible for the drop.
There is a chance that MNLTLH could grant you a package deal with the Nike Dunk Genesis, Skin Vial, and MNLTLH 2 access.
The NFT is a unique digital work of art with a specific ownership code that is like a certificate of authenticity. There can only be one owner of any work of art or design, and its code is stored on a virtual ledger called a blockchain that anyone can view.
With certain cryptocurrencies, NFTs can be minted, traded on, bought and exchanged only on dedicated blockchains. Ethereum is the most popular blockchain used for NFTs. Its cryptocurrency is Ether.
The average sale price of customized kicks on OpenSea, one of the largest online NFT markets, is 3.57 Ether, or $10,389, but some custom kicks are being sold for as much as 200 Ether, or $585,000.
Despite the fact that people do not have physical shoes they can wear with Cryptokicks, having NFT may allow them to access more exclusive drops in the future. Adidas’ recent Adidas for Prada Re-source, a NFT project and collaboration, gave first access to a group of people who either tried and failed or succeeded in minting NFT’s first project, Into the Metaverse.
Nike acquired RTFKT in December. RTFKT, founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, creates virtual sneakers and collectibles, leveraging game engines, NFTs, and augmented reality. The company auctions off its products using the blockchain, which helps “ensure authenticity, ownership, and grant access to new experiences,” according to the RTFKT.
With its collaboration with Seattle artist Fewocious, which included physical sneakers that corresponded to digital tokens, the company tallied $3 million in digital sneaker sales in minutes.