Quick take:
Nike is taking its NFT strategy a notch higher after its crypto arm RTFKT announced the “Cryptokicks iRL” collection. The leading sportswear and apparel company is joining the “Move to Earn” race, an emerging space in the crypto industry that ties real-life exercise and activity with crypto rewards.
The Cryptokicks iRL sneaker NFT collection is based on Nike’s iconic 1989 Air Mag, designed by sneaker legend, Tinker Hatfield. It is the first smart sneaker released from RTFKT. According to the collection announcement, the Cryptokicks iRL is limited to 19,000 sneakers, with the colour combination (Blackout, Stone, Ice and Space Matter) chosen by the collectors.
The digital collectible sneakers will be redeemable for a physical pair in a process the RTFKT calls forging.
The physical item is linked to the digital sneaker NFT via RTFKT’s WM Chip. The collection will be dropped on the RTFKT.com website with the mint for Lace Engine NFT holders beginning on 12 Dec, 10:30 AM EST.
On the other hand, the draw registration for the public mint begins on Dec. 7, 11 AM EST and closes on Dec. 9, 11 AM EST. The draw is open for US0-based RTFKT account holders with at least 5 ETH in their crypto wallet supported by WalletConnect. Every unique wallet/RTFKT account is eligible for one entry into the draw.
Nike is looking to build on its success in the NFT space after accumulating all-time NFT sales of nearly $200 million through its RTFKT. The NFT project has generated more than $900 million in all-time transaction volume according to Cryptoslam data through its two main collections CloneX ($773.9 million) and CloneX Mintvial ($134.9 million).
In December last year, Nike acquired the RTFKT NFT project for an undisclosed amount. The project was valued at $33.3 million in May 2021. The NFT industry peaked in the final quarter of 2021 after an influx of celebrities and mainstream brands, while Facebook’s rebranding into Meta Platforms also attracted more big players into web3.
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