Nike’s $1M NFT sale triumphs amid botting allegations
Nike, the renowned American athletic footwear company, is actively leading the charge for mainstream businesses to embrace Web3 technology using NFTs. In pursuit of this goal, the company has consistently developed and implemented its Web3 strategy, resulting in the introduction of its first collection of digital sneaker NFTs.
Nike’s pioneering efforts in the Web3 space have not only cemented its position as a dominant player, but have also created significant financial success, amassing millions of dollars so far. However, these achievements have also given rise to a sense of frustration in society.
Nike’s NFT sneaker collection: A $1.4 million success
Nike’s highly anticipated NFT sneaker collection, Our Force 1, recently launched on their Web3 platform known as .SWOOSH. Taking inspiration from the iconic Nike Air Force 1 Low, which debuted in 1928, this new NFT collection has been a resounding success, despite persistent delays and technical difficulties that tested the community’s patience.
Despite the initial May 8 launch date being postponed due to unforeseen circumstances, Nike went ahead with a “First Access” sale on May 15, exclusively available to users who received airdropped “posters”. This phase allowed SWOOSH’s most loyal community members to purchase the NFTs early.
However, the General Access sale, originally set for May 10, was postponed by Nike and took place on May 24 instead. After a long wait, Nike managed to sell 72,000 of 106,000 NFTs for $19.62 each, resulting in an impressive total sales revenue of $1.4 million, as reported by PolygonScan.
Despite the promising initial numbers, the launch of Nike’s NFTs faced significant challenges. Surprisingly, the company has managed to sell only a third of its NFTs, which is a departure from the usual trend of physical releases selling out within minutes.
The lower sales can be attributed to the disruption and turmoil in the sneaker and crypto community, mainly caused by the many delays experienced during the launch process.
Frustration and dissatisfaction surrounding Nike’s NFT launch
Nike’s NFT sales faced significant hurdles during launch, leading to a frustrating experience that horrified the community. Repeated delays plagued the launch, causing disruption and frustration for customers. The sales website crashed several times, especially during the embossing process, leaving many customers impatient and dissatisfied.
Amidst the chaos, community members expressed their frustration, pointing out bugs and raising concerns about the presence of bots that seemed to consistently plague Nike’s sales. These ongoing problems only added to the growing frustration in the community. In an effort to alleviate some of the frustration, Nike decided to expand its First Access sale. Unfortunately, this extension further delayed the General Access Sale, compounding the impatience and disappointment of those eagerly waiting to purchase the NFTs.
But little did the community know that despite Nike’s efforts to expand its sales windows, the company has yet to sell out all of its NFTs. The lack of sales can be attributed to the persistent processing delays that continue to plague the site. Some users have even reported being charged for OF1 NFTs without actually receiving them, adding another layer of discontent to the already frustrated community.
About Nike’s NFT
Nike’s ambitious effort into Web3 services centers around the .Swoosh platform, which is poised to become the focal point of their efforts. This platform will showcase a wide variety of Nike-branded virtual apparel as NFTs, encompassing iconic sneaker designs, clothing lines, collectibles and more.
The excitement doesn’t end there, as Nike promises future collaborations with their sponsored professional athletes. Owning Nike NFTs will provide unique real-world benefits that amplify the value of these digital assets. In addition, Nike envisions a comprehensive ecosystem of Web3 integration, which provides a seamless and immersive experience for users.
It’s worth noting that Nike’s foray into the NFT world didn’t happen overnight. In 2021, the company took strategic steps, such as buying up NFT and digital apparel startup RTFKT. Furthermore, Nike took proactive steps to protect its brand by trademarking its name, the iconic “swoosh” logo, and the beloved “Just Do It” slogan for use in the realm of virtual goods. These actions indicate Nike’s imminent entry into the realm of digital apparel and Web3 services, cementing its commitment to this evolving landscape.
Nike has emerged as a pioneering force in mainstream businesses embracing Web3 technology through their innovative use of NFTs. Their first collection of digital sneaker NFTs has not only solidified their dominance, but also achieved significant financial success, with millions of dollars in revenue.
Ken Emmanuel is a blockchain content writer, a Web3 enthusiast and a social media management strategist, he enjoys writing educational content to help people become more knowledgeable and inspired. The growth of any organization he works with is always his priority. He is a geographer by profession and loves to read.