Nike NFT sneakers are selling like hotcakes and surpassing $1 million
Nike’s.SWOOSH Web3 platform has successfully launched its first collection of non-fungible token (NFT) sneakers, generating over $1 million in sales despite persistent delays and technical challenges affecting the overall user experience.
The much-anticipated sale of Nike’s virtual creations began on May 15th, almost a week later than the originally announced May 8th start date. The initial sales phase, called “First Access”, was exclusively available to a select group of users who received “posters” via airdrops, giving them early entry rights. Nike revealed that 106,453 posters were distributed among the earliest members.
After the “First Access” phase, “General Access” sales finally began on May 24, with a delay of two weeks from the originally planned date of May 10. This phase aimed to sell any remaining NFTs from the total holding of 106,453 that Nike had made available.
Despite high expectations, Nike’s OF1 NFT sales have been slower than expected, with more than a third of the collection still available for purchase. Unlike the quick sellouts often seen with physical Nike sneaker releases, the NFTs have struggled to gain momentum. First Access sales, which finally began on May 15, experienced several delays that hampered the minting process, setting a rocky tone for the launch.
Prior to the sale, .SWOOSH’s Twitter account announced a delay to fine-tune the platform for a seamless experience. However, the website experienced frequent crashes when the sale began, leading to a frustrating coining experience. Users expressed disappointment, considering Nike’s expertise in handling limited edition releases.
Due to ongoing technical issues, Nike expanded First Access sales and then pushed back General Access sales. Traffic-related challenges further contributed to the delays. Despite the anticipation of eager users, over 85,000 OF1 boxes remained unsold by May 17th, and the number only dipped slightly to around 83,000 by May 22nd.
The General Access sale finally started on May 24, but processing delays plagued the site. Some users reported being charged for OF1 NFTs without actually receiving them. In response, .SWOOSH acknowledged an unforeseen error that caused delays in the minting process and blocked further purchases. On May 25, Nike announced that over 55,000 OF1 boxes had been sold to more than 30,000 unique buyers, considering it a successful sale. Nike employees praised .SWOOSH for handling the overwhelming traffic.
CoinDesk’s request for comment from Nike went unanswered at the time of reporting. As a global sneaker giant, Nike has strategically expanded its Web3 strategy, including the acquisition of digital fashion startup RTFKT Studios. RTFKT has previously launched successful NFTs such as the CryptoKicks collection and partnered with brands such as Rimowa and artist Takashi Murakami for limited edition releases.
