Nike’s Sneaker NFT Sold for $134,000

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Who buys a virtual sneaker for that much?

Nike Sneaker

Sneakerhead Bryson Honjo, age 31, paid about $15,000 for his Nike Sneaker NFT Dunk Genesis Cryptokick.

The market for collectible sneakers has skyrocketed in recent years and it wasn’t long until the market for NFTs influenced the world of sneaker enthusiasts. 

In April of this year, Nike released its first collection of NFT sneakers, called Cryptokicks, consisting of 20,000 NFTs. In this large batch of NFT collectibles, world renown Japanese Artist, Takashi Murakami sold one of his own designs for $134,000.

This highly valued pair of virtual shoes was brought to the OpenSea marketplace, the leading platform for all NFT sales, by Ali Sajwani.

“The mechanics around NFTs and sneakers are pretty similar,” said Jurgen Alker, who runs the NFT studio for Highsnobiety, the lifestyle site that covers streetwear and sneakers. “Both are created around scarcity and drops. It is about community, status and belonging to something.”

Nike’s Collab with RTFKT

This was Nike’s first step into the metaverse and with the help and collaboration with virtual footwear company, RTFKT, pronounced “artifact”. RTFKT was bought by Nike back in December of 2021 where it has created a market for virtual sneakers.

So what do buyers of the Nike Cryptokicks own?

Although we’re not entirely sure, in February, RTFKT released 20,000 NFTs of a mysterious box called MNLTH, pronounced “monolith”. The only hint we have on what’s inside the box is the classic Nike Swoosh and RTFKT’s lightning bolt logo. 

8,100 people who owned RTFKT’s earlier collections received the mystery box MNLTH at no additional cost, says Joe Chui, an NFT analyst from San Francisco who runs a Youtube Channel called RealTalkFire. But it is mentioned that everyone else could purchase a MNLTH box on OpenSea starting at 5 ETH (about $15,000 USD at the time).

After months of speculation, on April 22, Nike announced on Twitter, Discord and other social media platforms that owners of the mystery box could connect their crypto wallets to the RTFKT site to “open” their boxes, Mr. Chui said.

Upon opening the boxes, owners found a digital image of a generic basketball shoe inside called a Nike Dunk Genesis Cryptokick, as well as a virtual “skin vial”. The “skin vial” is displayed as a glowing canister that once inserted into a port on the virtual sneaker’s tongue, completes the sneaker’s final look.

Not only did the skins provide the holder’s sneakers with a new look, but it also determined the sneaker’s new worth. Now that’s worth.

Sportswear Brands x NFTs

Not only did Nike take its first venture into the NFT world, but sportswear store, Adidas, also began selling limited-edition tracksuits and sweatshirts joining the metaverse as well. However, Adidas did not sell sneakers.This was in partnership with Bored Ape Yacht Club, Punks Comic and the crypto evangelist Gmoney. According to The Verge, $22 million was made just in the first afternoon by Adidas collectors who knew how to use NFT.

In recent news, Asics, a Japanese athletic brand, recently released 1,000 NFT sneakers in a collaboration with STEPN, a fitness app that rewards users with cryptocurrency for each step they take (Like play-to-earn).