Nike Announces “1st Native Web3 Sneaker,” courtesy of NFT Property RTFKT

by James · December 5, 2022

Not without hiccups, Nike has formally announced its first “native web3 sneaker” this week, thanks to its NFT / web3 arm, RTFKT. Now, as the industry leader in the sneaker game continues to show investment in building its infrastructure in emerging technology and web3-related fields, it also proves that its audience is stiff… and global.

The biggest gripe surrounding Nike’s release has less to do with cost and much more to do with access, as Nike has limited fulfillment for its web3 sneakers to US-based addresses only. Let’s take a look at everything you need to know about Nike’s new release, and the feedback surrounding it.

Nike & RTFKT: How it came to be

Nike’s acquisition of RTFKT last year has largely served as the most successful case study of a traditional brand using an NFT platform – certainly among those that have entered the NFT space with a longer time horizon.

The acquisition came a year ago in the midst of NFT’s bull market madness. Following the acquisition, the brand launched its own dedicated web3 platform, .Swoosh, also last month, showing a continued investment to play in the web3 sandbox.

From the outside, it appears that Nike has largely left RTFKT to operate on its own in managing projects, but overall it has been a huge success. In August, we covered how Nike was far and away the leader of big box brands when it comes to NFT engagement strategy – and no one has come close to the crown in recent months either.

Nike (NYSE:NIKE) is continuing it's push into new web3 projects. | Source: NYSE:NIKE on TradingView.com

The Sneaker Drop debate boils down to geographic limitations

The announcement Twitter thread from RTFKT, released on Monday, details some of what to expect, including a “walk-to-earn” mechanic, tools via authenticity, app connectivity and more:

Our next generation innovation is falling
Cryptokicks iRL 👟⚡️
1. original web3 sneaker
Combine decades with @Nike tech 👨‍🔬
& RTFKT vision to merge worlds 🌎🌐
Details and FAQ: pic.twitter.com/A1jP8xg0NZ

— RTFKT (@RTFKT) 5 December 2022

However, the thread ends on a key note that has caused a lot of friction: “Due to advanced technology and product regulation, the product can ONLY be shipped to the United States.” The lack of clarity – and the lack of foresight in not sharing this relevant detail until after foreign US money has been contributed to the project – has led to a flurry of criticism surrounding another brand of web3 vision and web2 execution. The MONOLITH price dropped significantly, averaging north of 1.5 ETH in recent days, and now recording sales for less than 0.5 ETH today.

Crypto is a global affair and the feedback and responses around this point drive it home that much more. For big brands, getting it right continues to be a slog through the mud.