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Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Nike is back for more in web3.

Nike Announces “1st Native Web3 Sneaker,” Courtesy Of NFT Property RTFKT

Taylor Scott
by Taylor Scott
2 years ago
·
Posted in NFT, Sports
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Not without it’s hiccups, Nike has formally announced it’s first “native web3 sneaker” this week, courtesy of it’s NFT / web3 arm, RTFKT. Now, as the industry leader in the sneaker game continues to show investment in building it’s infrastructure in emerging technology and web3-related fields, it’s also proving that the audience is rigid… and global.

The biggest bite back around Nike’s release has less to do with cost, and much more to do with access, as Nike has restricted fulfillment for it’s web3 sneakers to U.S.-based addresses only. Let’s take a look at all you need to know about Nike’s new release, and the feedback surrounding it.

Nike & RTFKT: How It Came To Be

Nike’s acquisition of RTFKT last year has largely served as the most successful case study from a traditional brand utilizing an NFT platform – certainly among those who have entered the NFT space with a longer time horizon.

The acquisition came one year ago in the midst of NFT bull market madness. Following the acquisition, the brand launched their own dedicated web3 platform, .Swoosh, last month as well, showing a continued investment to play in the web3 sandbox.

From the outside looking in, it seems that Nike has largely left RTFKT to operate on it’s own accord in spearheading projects, but it’s come generally as a massive success. In August, we covered how Nike was the far-and-away leader in big box brands when it comes to NFT engagement strategy – and no one’s come close to the crown in recent months, either.

Related Reading: How The Metaverse Can Shape The Future Of Sports Viewing

Nike (NYSE:NIKE) is continuing it's push into new web3 projects. | Source: NYSE:NIKE on TradingView.com

The Sneaker Drop Debate Boils Down To Geographical Limitations

The announcement Twitter thread from RTFKT, released on Monday, details some of what can be expected, including a ‘walk-to-earn’ mechanic, utility via authenticity, app connectivity, and more:

Our next-gen innovation drop
Cryptokicks iRL 👟⚡️
1st native web3 sneaker
Combining decades of @Nike tech 👨‍🔬
& RTFKT vision to merge worlds 🌎🌐
Details & FAQ: https://t.co/0I5cwrd8bb pic.twitter.com/A1jP8xg0NZ

— RTFKT (@RTFKT) December 5, 2022

However, the thread closes with a key note that has caused a lot of friction: “Due to advanced tech and product regulation, product can ONLY be shipped to US.” The lack of clarity – and lack of foresight in not sharing this pertinent detail until after outside U.S. money has been contributed to the project – has led to an abundance of criticism around another brand with web3 visions, and web2 execution. The MONOLITH price dropped substantially, recording averages north of 1.5ETH in recent days, and now recording sales for less than 0.5 ETH today.

Crypto is a global affair, and the feedback and responses around this point just drives that home so much more. For big brands, it continues to be a trudge through the mud it getting it done right.

Related Reading: Bitcoin More Recession-Resilient Than META, Comparison Shows
Featured image from Pixabay, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Taylor Scott

Taylor Scott

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Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

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