Nike‘s .SWOOSH platform released its first non-fungible token (NFT) drop, Our Force 1 (OF1), on May 8. Despite technical and traffic issues causing repeated delays, the global sportswear brand was able to surpass $1 million in sales. The OF1 drop was the first of its kind for Nike, and it was met with enthusiasm from the NFT community. The success of the OF1 drop demonstrates Nike’s commitment to innovation and its ability to capitalize on the growing NFT market. This is a major milestone for Nike and the NFT industry as a whole, and it is sure to pave the way for more successful NFT drops in the future.
Nike’s Virtual Sneaker Collection Release
The release of the much-anticipated virtual sneaker collection began on May 15. Nike distributed a limited number of ‘posters’ to .SWOOSHcommunity members, granting them early access to the sale. The ‘General Access’ sale commenced on May 24th, and as of Thursday afternoon, buyers had purchased over 66,000 NFTs. Each virtual shoe is priced at $19.82, in tribute to the original release year of the Air Force 1 sneaker.
The OF1 launch faced multiple delays due to technical issues, disappointing regular customers with the prolonged process. Despite Nike’s updates, a large portion of OF1 boxes remains unsold, representing over one-third of the inventory.
Traffic and Unforeseen Error-Caused Purchase Blocks
The .Swoosh team attributed the problems to traffic issues, but also revealed that they “ran into an unforeseen error that held up the minting process…blocking additional purchases.” In a recent Twitter update on May 25, Nike announced selling over 55,000 OF1 boxes to 30,000 buyers. However, some users reported encountering issues where they experienced charges for the collectible but did not receive it.
Nike has dabbled in the virtual fashion market for some time now. A few years ago, Nike acquired the digital fashion startup RTFKT Studios, a platform with multiple NFTs under its belt. CryptoKicks, a collaboration between Nike, Rimowa, and Takashi Murakami, demonstrated the NFT market’s potential to the team.
Potential for Future Innovations and Virtual Possibilities
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