Nike’s RTFKT Joins the Move to Earn Race with the “Cryptokicks iRL” NFT Collection
Quick take:
- Nike brings its iconic sneakers to the ‘Move to Earn’ race.
- Leading sportswear and apparel company’s crypto arm RTFKT has launched the “Cryptokicks iRL” NFT collection.
- The collection is inspired by the Nike Mag sneakers, which debuted in 1989 and attempts to usher in the next evolution of smart sneakers.
Nike is taking its NFT strategy up a notch after crypto arm RTFKT announced the “Cryptokicks iRL” collection. The leading sportswear and apparel company joins the “Move to Earn” race, a growing area of the crypto industry that links real exercise and activity with crypto rewards.
The Cryptokicks iRL sneaker NFT collection is based on Nike’s iconic Air Mag from 1989, 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 color combination (Blackout, Stone, Ice and Space Matter) chosen by the collectors.
The digital collectable sneakers will be redeemable for a physical pair in a process that RTFKT calls forging.
The physical item is linked to the digital sneaker NFT via RTFKT’s WM Chip. The collection will be posted on the RTFKT.com website with a mint for Lace Engine NFT holders starting December 12th at 10:30 a.m. EST.
On the other hand, the drawing of the public mint begins on December 7 at 11 a.m. EST and closes on December 9 at 11:00 a.m. EST. The draw is open to US0 based RTFKT account holders with at least 5 ETH in the crypto wallet supported by WalletConnect. Each 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 amassing 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 pools CloneX ($773.9 million) and CloneX Mintvial ($134.9 million).
Last December, 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 last quarter of 2021 following an influx of celebrities and mainstream brands, while Facebook’s rebranding to Meta Platforms also attracted several major players to web3.
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