Nike, one of the leading athletic apparels company in the world, will be launching its first non-fungible token (NFT) sneakers collection dubbed, “Our Force 1“, on the recently launched Web3 enabled .Swoosh platform.
NFTs have become the go-to strategy for several high-profile companies to increase their revenue. Over the recent years, these digital artwork use cases have exploded with total NFT sales crossing billions worth of dollars. Following a sharp drop in 2022, NFTs have made a dramatic comeback. Adding to the popularity of NFTs, several multi-billion global conglomerates, celebrities, fashion houses, sports, and real estate among other industries have started to adopt this technology at an exponential pace.
Just do it, Then do it again
In the latest development, Nike took to Twitter to announce the release of its virtual sneaker, Our Force 1 (OF1), which is based on the brand’s iconic Air Force 1 design. As per the company, starting from April 18, Nike will begin airdropping virtual “AF1 posters”, the key needed to unlock an OF1 box NFT, to be randomly selected .Swoosh users. This will enable members early access to the sale on May 8. Moreover, on May 10, the entire .Swoosh community will be able to purchase digital goods through its marketplace.
Old sole, new story.
The #OurForce1 collection features digital renditions of AF1s past, present and future built for the next generation.
Nike’s first-ever virtual collection is inspired by the AF1 Low, a classic style remixed hundreds of times since it dropped in ‘82. pic.twitter.com/dlq65VNeAb
— .SWOOSH (@dotSWOOSH) April 17, 2023
According to the official press release, users can choose from two digital boxes titled “Classic Remix” and the “New Wave” box, with each box type corresponding to different possible designs, priced at $19.82, per box. Ron Faris, GM of Nike Virtual Studios, noted .Swoosh will be the marketplace of the future where members can choose to express themselves across physical and digital worlds. He added,
“The OF1 collection shows how Nike will continue to innovate at the intersection of play and culture for the future of sports. We are exploring new ways to tell stories and create relationships while removing the barriers and limitations of a physical product.”
Nike’s Tryst With NFTs
Nike launched .Swoosh in November 2022 to allow users to buy, sell, and also design virtual shoes and apparel. It is similar to a Nike Members community that grants users the ability to access virtual creations that are typically interactive digital objects and can also be worn in games and immersive experiences.
The sportswear giant had started dabbling in digital artworks after it bought RTFKT Studios, a Web3 company that makes NFTs and sneakers for the metaverse. In August 2022, Nike minted a staggering $185.3 million in revenue from NFT sales becoming the world’s biggest-earning brand in the NFT market.
NFT Use Case Surge
This comes at a time when NFT use cases have skyrocketed. Recently, Argentinian low-cost airline “Flybondi” integrated Web3 into its ticketing process by issuing e-tickets as NFTs. Furthermore, On March 27, one of the leading providers of event ticketing services, Ticketmaster, launched “token-gated sales,” allowing fans access to concert tickets using NFT technology.
Prepare for takeoff✈️
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— Algorand Foundation (@AlgoFoundation) March 30, 2023
Meanwhile, other prominent luxury fashion houses such as Gucci, Tiffany’s, and Louis Vuitton. It seems the NFT market will continue to grow in 2023, with various new industries dipping their toes in the digital collectibles water.
