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Nike NFT sneakers make over a million dollars
Nike has launched its first NFT sneaker sale, dubbed “General Access”, on its dedicated .SWOOSH Web3 platform. The exclusive “First Access” sales event started on May 15th, catering exclusively to .SWOOSH community members.
Priced at $19.82 each, the drop symbolizes the Air Force 1’s debut year. But the NFTs didn’t experience the usual quick sell-out typical of highly sought-after sneaker releases. Still, Nike managed to sell more than 71,000 of the available 106,453 “Our Force 1s” NFTs, generating over $1 million in revenue.
TL;DR:
- Nike’s first NFT sneaker sale on the .SWOOSH platform sells over 71,000 “Our Force 1s” NFTs, generating $1 million.
- Holders of OF1 boxes will enjoy additional benefits, including access to exclusive physical products and experiences.
- Nike’s .SWOOSH platform has a membership of over 330,000 people.
In February, Nike announced that four virtual shoe concepts suggested by .Swoosh members were selected to be included in the OF1 release. Nike’s designers then collaborated with these community members to transform their designs into tangible assets on the blockchain. The fan-created designs are randomly distributed on both varieties of boxes.
First scheduled for May 8, the First Access sale suffered delays due to technical glitches and overwhelming website traffic. .SWOOSH recognized the need for extra time, and pushed the launch forward. This is to ensure a seamless user experience. They then took to Twitter to spread the word. Despite their efforts, they still fell short of the goal of a flawless experience. The high number of visitors to the site caused frequent crashes during the First Access sale, resulting in a prolonged minting process.
Consequently, Nike extended the First Access sale until May 16 due to these technical difficulties. These complications led to slower-than-expected sales, leaving approximately 83,000 NFTs still available by May 22.
How Nike Turned The .SWOOSH NFT Sale
On May 25, Nike hailed the sale as a triumph through a Twitter announcement, revealing that they had sold more than 55,000 OF1 boxes to 30,000 unique buyers.
Despite the technical setbacks, Nike’s first .SWOOSH release has proven to be a success. This debut launch highlights consumers’ enduring fascination with NFTs. The obvious high demand for digital assets within the sneaker domain necessitated Nike’s system improvement to handle the overwhelming site traffic.
However, the success of the second launch comes at a price. This is because customers had higher expectations based on Nike’s SNKRS app. This app effectively handles a large influx of visitors during limited edition releases.
The overwhelming enthusiasm surrounding Nike’s first-ever NFT sneaker launch demonstrates the untapped potential for brands within the digital and metaverse realms. Furthermore, it underlines how Nike’s acquisition of RTFKT consolidates its position among traditional brands venturing into the Web3 space. With .SWOOSH, Nike garners enormous respect in the Web3 community.
Nike has reported a current membership of more than 330,000 people registered on the .Swoosh platform. Joining the platform is open to anyone with no associated costs. The specific information about the virtual shoe models that participants will receive has been deliberately kept ambiguous.
Nike states that in the coming times, the OF1 boxes will provide the holders with additional functionality and benefits. These benefits include exclusive physical merchandise and unique experiences available to box owners.
