Nike’s NFT Investments Pay off with 20K Virtual Sneakers Released over the Weekend

Whether or not you believe in the metaverse, a few corporations and entities are putting stakes on it. One of them is the renowned footwear and outfit brand Nike. The athletic wear brand purchased RTFKT (“artifact”), a virtual shoe designer, in December in the hopes of establishing a foothold in the metaverse. The investment is now paying off for Nike.

The Nike Dunk Genesis Cryptokicks, a series of 20,000 NFT sneakers, was released over the weekend by RTFKT and Nike. Crypto gamblers have been buying virtual footwear for between $7,500 and $9,000 since their inception (2.5 to 3 ether). Digital vials, which cost at least $2,500 each, can be used to modify their appearance (0.8 ether).

Nike’s NFT Investments Pay off with 20K Virtual Sneakers Released over the Weekend

Some vials are more frequent than others, and Cryptokicks with uncommon skins have sold for astronomically high prices. One pair, for example, fetched $133,000 at auction (45 ether). One Alien vial, the most valuable in the collection, fetched $449,000 at auction (150 ether). According to RTFKT, owners can “evolve” their skins by completing certain online objectives.

There are currently no plans for holders of these NFTs to receive physical representations of their digital products, albeit a Snapchat filter was made so that owners could wear their sneakers in augmented reality. It’s part of a wider bet on virtual fashion, one that Nike isn’t alone in taking. Following the trajectory, Adidas also partnered with the Bored Ape Yacht Club to release the ‘Into The Metaverse collection’ of 30,000 NFTs in December.

Check out? Meta announces its first retail store to attract more on metaverse