Nike Launches Its First Ethereum-Based NFT Sneaker

On April 23, Nike, the world's most valuable sports brand, and crypto fashion brand RTFKT launched their first Ethereum-based NFT sneakers.

The full name of this Ethereum NFT-based sneaker is: RTFKT x Nike Dunk Genesis CryptoKicks, which is a digital wearable item. Apparently, it is designed to be used in the metaverse world. Once launched, this series of NFT sneakers was listed for resale on OpenSea with a floor price of 2.5ETH. As of press time, the floor price on the OpenSea platform has risen to 3ETH, equivalent to about $8,839.

In December 2019 , Nike obtained a patent for CryptoKicks, a blockchain-powered system in which digital assets can be paired with physical products . On December 14, 2021 , the sneaker giant acquired the crypto fashion brand RTFKT Studios to explore sneaker NFTs.

Today, RTFKT showed them through a preview video on social media. This series of NFT sneakers is supported by DRM OS and Skin Vial Tech. The video shows how to change the appearance of NFT sneakers through collectible "Skin Vials". It has customizable and upgradeable features to achieve different styles. It expresses Nike's vision of the development of sneakers in 2052. RTFKT said that this is "the future of sneakers."

This pair of sneakers has a conspicuous Nike blue swoosh logo and a very technological substrate, which vaguely exudes a mutant atmosphere in the video.

CryptoKicks can be opened through RTFKT’s MNLTH Ethereum NFTs, which were airdropped for free in February to holders of CloneX and other early RTFKT NFTs.

What is MNLTH NFT? To put it simply, it is a mysterious virtual item box. The owner of the box will receive airdrops from time to time. After the news of Nike's NFT sneakers was released, the MNLTH box immediately became very popular. Many people were very interested in this sneaker, and the price also rose from about 7.5 ETH to 10 ETH.

In addition to the RTFKT logo, the most eye-catching thing about the box is that it is also decorated with the Nike logo. It can be said to be Nike’s first NFT project.

Holders of MNLTH boxes can now open the boxes through the designated website. After opening the boxes, they will receive three things : ①RTFKT x Nike Genesis NFT sneakers: CryptoKicks; ②RTFKT-shaped potion bottle : EVO X; ③Another mysterious metal box , MONOLITH.

The extra potion bottle EVO X obtained is used to combine it with this pair of "basic" NFT sneakers. According to the official video, the combination will change the original plain appearance and bring more colors and shapes to the sneakers.

In addition, the potion bottle is also valuable. The floor price is 1.5ETH before the deadline, and the latest mysterious box MONOLITH is priced at about 4.85ETH.

Musk's CYBERSNEAKER designed by RTFKT

RTFKT was officially established in January 2021. From the moment RTFKT was born, it has always looked up to Nike. At that time, they set themselves the goal of creating "Nike in the Metaverse". After being officially acquired by Nike, RTFKT's co-founder Benoit Pagotto proudly said on social media: "RTFKT is now part of Nike."

The reason why this virtual sports brand is well known to the public is because of Musk. Two years ago, a photo of Musk wearing a pair of CyberTruck-style sneakers to attend the Met Gala went viral on the Internet.

The shoe, inspired by Tesla's Cybertruck electric pickup truck, has a rugged, brutalist-inspired aesthetic. After the event, Musk asked his fans on Instagram and Reddit if they liked the "CyberSneaker"?

But in fact, this pair of sneakers named "CyberSneaker" is not real, but was synthesized onto Musk's feet by the RTFKT team through Photoshop.

The original picture is the one below:

The sneakers are photoshopped! Musk's fans don't find it strange because Tesla once launched a Cybertruck bulletproof T-shirt. The broken glass graphic on the front of the T-shirt was inspired by the side window that was unfortunately shattered during the unveiling event.

This T-shirt can be purchased for $45. Musk dared to make fun of the "failure" of Cybertruck's broken glass in front of millions of people. Therefore, netizens think it is normal for the launch of the "CyberSneaker" sneakers.

As soon as the news came out, "CyberSneaker" was on the front page of Reddit, reported by many media outlets, and had more than 50 million views.

RTFKT put the virtual sneakers on the NFT trading platform SuperRare and auctioned them for 30ETH. While some people questioned whether they were real, most people didn't even think to ask the question and didn't think it was that important. They were all asking how they could own a pair.

As a result, the bidding reached 65 ETH at one point, and finally "CyberSneaker" was sold for $15,000.

It can be said that the Cybersneaker auction brought RTFKT into the public eye. This is truly a virtual fashion world where it is difficult to distinguish between the real and the fake.

RTFKT: If nothing is true, then everything is permitted.

This is RTFKT's elusive brand motto.

RTFKT's profile reads that it is the first brand born on the Internet, creating virtual first, while bringing its out-of-this-world creations to life by producing 1-to-1 IRL "hyper-produced" versions of sneaker designs. Currently, it has more than 500,000 followers and millions of views on Tik Tok and Instagram, and they are also building a fan base eager to own their designs, whether virtual or physical.

RTFKT believes that the future of ownership will be based primarily on unique virtual items , while the physical utility of items and their distribution will become a hobby for a small group of people and celebrities. By auctioning CyberSneaker on SuperRare, they will continue their "Metaverse Moment".

In RTFKT's early social networking content, the Infinity Gauntlet covered with Gucci Monograms can make Jordan shoes dangle in the air; Kanye West and DJ Khaled wear oversized spoof sneakers, and the first appearance of PlayStation 5 branded sneakers. Although these shoes are completely illogical, RTFKT's posts quickly attracted more and more followers who were fascinated by these virtual products and wanted to own them.

Someone once commented on RTFKT and said that if you wanted to own a pair of Jordan shoes when you were a child, then when your child is born he will want a pair of RTFKT.

Their success proves that the influence of virtual brands is expanding as people's digital lives continue to grow. Due to the isolation of the new crown epidemic, people are forced to spend more time online, which has accelerated the growth of these virtual brands. "In a sense, this epidemic has been a blessing in disguise for us," said Benoit Pagotto, co-founder of RTFKT. "Now, the fashion industry has begun to take a keen interest in virtual space."

After being acquired by Nike, RTFKT has become one of the most well-known brands in the NFT field, working with different partners and fetching high prices online. An NFT collected by it and artist Takashi Murakami was sold for more than $1 million in February this year.

Many other well-known brands are just beginning to explore this space. For example, Gucci and Adidas have released their own NFTs, which serve as digital collectibles but also function as membership programs. These top brands have found that tokens are a good way to reward fans and allow owners to enjoy different benefits.