A web3 startup, Nike and RTFKT, have found success in merging physical and digital worlds through NFTs (non-fungible tokens). In less than two years, they have generated nearly $1.4 billion in trading volume and $170 million in earnings from their NFT collections.
The CloneX collection was a major contributor to these numbers, but other collections have also performed well. These NFTs have allowed consumers to purchase limited-edition Nike shoes with an embedded authenticating tag, making them highly desirable.
NFT enthusiast and sneaker collector, Frankie Sutera, praised the quality of Nike-RTFKT shoes, saying they are even better than regular Nike shoes. Sutera ordered nine pairs of these shoes after acquiring the necessary NFTs.
During a recent “forging” event, where NFT owners could order physical shoes, trading for required NFTs spiked to $613,000, a 600% increase from the previous month. The excitement around Nike Cryptokicks on OpenSea shows how NFT technology empowers fans with true ownership.
The success of these NFTs has caught the attention of other companies like Adidas and Puma, who are exploring tokenization for authentication and exclusive content.
This merger of digital and physical using blockchain technology helps ensure authenticity, with the NFC tag on Nike-RTFKT shoes being a key feature in preventing the purchase of fake shoes.
The success of Nike and RTFKT’s NFT collaboration underscores the potential of merging physical and digital realms, with blockchain technology enhancing authenticity and sparking interest from other industry players.
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