Nike has been getting into the crypto world for some time now, and with their project with subsidiary RTFKT, they aimed to revolutionize sneaker culture. Today, it is all about the low down on the Nike RTFKT CryptoKicks drops.

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We have quite a lot to cover in this story so without further adieu, let’s get right to it.

Nike RTFKT Crypto Kicks: The Details

RTFKT Nike CryptoKicks Collection
RTFKT Nike CryptoKicks Collection

A metallic cube adorned with the virtual fashion startup RTFKT’s emblem and Nike‘s famous Swoosh was released earlier this year under the cryptic name “MNLTH.” Since then, owners of said NFT have been traveling while performing “quests” given by RTFKT in an effort to learn what is within the cube.

But after 3 months of anticipation, it was known that each cube includes a pair of virtual shoes called Nike Cryptokicks. These sneakers are based on the iconic Nike Dunk style and will be interchangeable with eight RTFKT-created skins.

RTFKT, which Nike purchased in late 2021, was established in January 2020 and has collaborated with artists including Jeff Staple, Lexus, and Takashi Murakami, whose Clone X NFT is still among his most popular works.

With reports already circulating about other releases coming as soon as next month, Nike and RTFKT’s Cryptokicks is anticipated to be the first of many digital debuts from them. 

The silhouette itself undergoes a noticeable transformation, becoming futuristic with a number of metallic components and a significantly altered sole unit.

RTFKT Nike CryptoKicks Grey
RTFKT Nike CryptoKicks Grey Side View

To enable for even more personalization, the paneling is also changed out for screens and adjusted to fit.

This is accomplished via Skin Vials, a function that lets you alter the appearance of the Nike Dunk Genesis and any other “compatible shoes.”

The choice of skins draws on the knowledge of both well-known artists and the general public, and Nike claims that “thousands of skins” may be combined into a single pair.

EVO X, a collection of eight unique skins that can be advanced with various upgrades and abilities, served as the first release for Nike CryptoKicks.

Nike Launches CryptoKicks IRL (In Real Life)

Rtkft Studios Nike Physical Virtual Apparel Black Hoodie Via RTFKT
Rtkft Studios Nike Physical Virtual Apparel Black Hoodie Via RTFKT

The Autolace, Better Lighting, Haptic Feedback, Gesture Control, Walk Detection, App Connectivity, AI/ML Algorithms, and Wireless Charging through the RTFKT Powerdeck are some of the features of the Cryptokicks iRL.

In partnership with RTFKT, a Web 3 firm well renowned for its digital avatars and metaverse treasures, Nike has unveiled their smart shoe Cryptokicks iRL recently. 

The Cryptokicks iRL is the first native Web3 shoe that blends decades of Nike Sneaker innovation with RTFKT’s desire to unite the physical and digital realms.

Auto-lacing, improved illumination, haptic feedback, gesture control, walk detection, app connection, AI/ML algorithms, and wireless charging through the RTFKT Powerdeck are all characteristics of the sneaker. Blackout, Ice, Space Matter, and Stone are the four varieties that are offered, with costs ranging from $450 to $1,000.

The Nike Mag, which made its debut in 1989 with the premiere of the movie “Back to the Future 2,” is honored in the Cryptokicks iRL collection.

Tinker Hatfield, a legendary designer of sneakers, created the Air Mag, which Nike innovation teams then brought to life with auto-lacing technology in charity auctions in 2011 and 2016.

On the Ethereum blockchain, there are digital shoes called Cryptokicks iRL that can be customized. Each one is unique and is available as a Non-Fungible Token (NFT).

The real-world Cryptokicks, as described on RTFKT’s official website, include a number of interesting features, including a lacing mechanism that instantly adapts to a secure, custom fit as soon as you begin walking.

The shoes also include a rechargeable battery and provide a variety of lighting options for the user to choose from, including animations and various hues.

RTFKT Nike CryptoKicks Black
RTFKT Nike CryptoKicks Black

Every pair includes a wireless power deck that can Bluetooth connect to the Cryptokicks iRL app. The shoes use RTFKT’s newest WM (world merging) NFC chip, which allows users to validate each physical copy’s legality by comparing it to its digital equivalent.

The colorway split will depend on collector preference, and there will only be 19,000 pairs of the shoes made.

They will be offered for sale as virtual tokens (NFTs) that may be redeemed for their actual counterparts—a practice known as “forging” by RTFKT.

From December 12 to December 16, Lace Engine NFT owners will have the chance to buy a pair of Cryptokicks iRL shoes. On the RTFKT website, from December 7 to December 9, non-NFT owners may register for a raffle.

If any pairs are still available on December 14 after the first sale, they will be available to buy then. The final ETH pricing will be changed to reflect the ETH/USD exchange rate on the day of minting.

Nike RTFKT: Resale of Non-tangible sneakers

Nike Crypto Kicks Collection Via Vogue
Nike Crypto Kicks Collection Via Vogue

 RTFKT and Nike introduced a line of virtual sneakers for the metaverse called NFTs, and some of these shoes have been able to sell for enormous amounts.

Having said that, the aforementioned collection of NFT shoes known as CryptoKicks is now being sold at auction on the online marketplace OpenSea, with buyers willingly offering anything between 4000 and 9,500 dollars in cryptocurrencies in exchange for the goods.

It is definitely important to note that some of these shoes have reportedly sold for well over six figures, which is incredible! Additionally, according to OpenSea, although the frenzy is still going strong, roughly 9,000 of the Nike Dunk Genesis NFTs have already been sold.

Speaking of the worldwide obsession for shoes, some of you may already be aware that they are just collector’s goods, which is why it is common to see rare pairs sell for astronomical sums.

While few other sneakers with historical worth, such as those worn by Michael Jordan during his illustrious bouts, routinely auction for almost a million dollars or more, limited edition Yeezys frequently sell for about five figures.

However, a recent purchase—where someone spent over $130,000 for only a pair of virtual Nike sneakers—is sure to go down as one of the most bizarre events in shoe history.

However, a recent purchase—where someone spent over $130,000 for only a pair of virtual Nike sneakers—is sure to go down as one of the most bizarre events in shoe history.

Additionally, consumers of these NFT shoes may simply personalize them with the use of “skin value” created by a variety of different designers.

By introducing additional effects and patterns, like flying swooshes and flashing lights, these vials may alter the entire aesthetic of the aforementioned footwear.

Moving on, it is said that these new NFT shoes would be beneficial to many metaverse players, most notably the maker of them, as users will be able to utilize their virtual trainers wherever and whenever they are in and around Nikeland, the company’s very own 3D metaverse platform.

Since it has already been established that this particular NFT is rare and features a colorway created by well-known artist Takashi Murakami, it is also important to note that the platform has given users access to a Snapchat-like filter so they can use augmented reality to see how the Cryptokicks would appear in real life.

So, at least, that’s something!

Last but not least, as previously indicated, you can modify the shoes on the platform. However, in order to do so, you must first purchase the basic sneaker.

By just traveling across the RTFKT ecosystem and unlocking your shoes, you will also be able to acquire, develop, and breed sneaker skins.

What went wrong with Nike’s RTFKT CryptoKicks project

Rtkft Studios Nike Physical Virtual Apparel Collaboration Teaser Via RTFKT
Rtkft Studios Nike Physical Virtual Apparel Collaboration Teaser Via RTFKT

The Nike x RTFKT Cryptokicks were released on December 5 at Art Basel in Miami. RTFKT is a Web3 design firm that Nike purchased last year. The business focuses on collector NFTs and virtual sneakers.

However, the debut brought to light a number of problems with RTFKT’s strategy and its NFT holders’ expectations. The company’s lack of international shipping, consumer misunderstanding over its several NFT ventures, and the unforeseen prices for its IRL shoes were a few of them.

Due to these issues, the MNLTH NFTs’ floor price was reduced to 1eth ($1,232). The outcomes allow marketers to learn how to manage NFT holders’ advantages. First and foremost, it’s important to communicate with the community, ensure global engagement, and make roadmaps clear.

The NFT program launched by Nike is not the first of its sort. Over the last year, brands like Rebecca Minkoff and Balmain have also dabbled with NFT initiatives.

Following is a description of the Cryptokicks product, feedback about its drop, and the key lessons learned from the activation, as determined by industry professionals. RTFKT declined to comment when contacted, according to sources. 

The formal April debut of RTFKT’s MNLTH NFT was linked to the Cryptokicks launch. NFT customers of MNLTH were promised privileges and unique access, as is common with NFTs.

Many believed that the MNLTH holders would be rewarded for their commitment by being given first access to the Cryptokicks because access to the MNLTH NFT sale was initially airdropped to holders of prior RTFKT NFT projects in February.

As a result, when this was not the case, RTFKT got a barrage of criticism from NFT holders on Twitter.

Additionally, the majority of RTFKT NFT holders had to purchase the shoes at full price. The original MNLTH NFT was updated as MNLTH 2, and only owners of that card were eligible for the $150 discount on the $500 shoes.

 Since the first MNLTH NFT sold for $30,000 at the time of sale, most people didn’t anticipate paying for the shoes.

Another problematic aspect turned out to be available globally. People living outside of the United States cannot purchase the IRL sneakers. Since then, RTFKT has found a solution by enabling European clients to get distribution from the United States to Europe by using services that first deliver to U.S. P.O. boxes.

Experts claim that the community was particularly irritated by the launch since it was not made clear previously that the shoes would only be sold in the United States.

Additionally, several people invested a lot of money just to learn that their initial NFT purchase was almost useless and that they needed to spend additional money in order to truly get anything.

They said that if they had made it plain from the beginning that the product was intended just for the United States, all of this might have been prevented.

They reacted quickly, communicated, listened, and made adjustments right away to assist the community to obtain what they needed within 24 hours. 

Holders of NFTs value honesty beyond anything else. We are all aware that purchasing NFTs involves risk and that speculation is what drives the market.

So that they can make the best choices for themselves, the majority of holders want to be kept in the loop.

The first thing that companies should consider is their mission and vision for the market. Holders anticipate regular updates and value that is provided to them rather than taken away.

The redemption window, during which users may trade their Cryptokicks NFTs for actual shoes, was initially planned to last until December 19.

The deadline was extended until May 1 in response to Twitter complaints and consumer comments that the timetable was too short.

The public’s ability to access the shoes was another issue raised by MNLTH holders. They believed it would be a limited-edition item, but a public drawing was held from December 7 to 9 for any extra stock.

The expanding amount of small-scale NFT luxury brand partnerships and drops has also drawn criticism from certain users, who claim they devalue important initiatives like MNLTH.

In the end, it seems that the difficulties reduced the value of the NFTs: Since December 4, the MNLTH NFT’s value has decreased from $3,450 to $1,232.

Since December 4, the price of the exclusive RTFKT X Nike Trillium Lace Engine NFT, which grants access to the mint for one pair of CryptoKicks, has decreased from 1.6eth ($1,971) to 0.2eth ($246).

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Author

Mohammad Yousaf

Mohammad Yousaf

As a business student, Mohammad was thoroughly impressed with where the secondary market was heading for sneakers. He quickly realized that what used to be considered as a side hustle, was now the main income stream for many. He has studied the game ever since.

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