Cryptocurrencies, blockchain, NFT and new trends

Nike Releases ‘Our Force 1’ Polygon NFT Sneakers On .Swoosh

Nike Releases "Our Force 1" Polygon NFT Sneakers On .Swoosh

Athletics and lifestyle apparel brand Nike is releasing its first-ever drop on the .Swoosh Web3 community platform. The Web3 platform will host the digital sneaker collection as Polygon-based NFTs.

Aptly named as the “Our Force 1 (OF1)” collection, this drop pays homage to the legendary Nike Air Force 1 sneakers launched 41 years ago. The OF1 drop will have two distinct types of virtual sneaker boxes: Classic Remix and New Wave. Classic Remix boxes will contain the virtual Air Force 1 shoes inspired by designs released between 1982 and 2006, while New Wave boxes will showcase pairs designed from 2007 and beyond. Additionally, Classic Remix boxes will include unique, customized AF1s with a “nostalgic twist,” and New Wave boxes will feature custom, expressive AF1s boasting a more “futuristic twist.”

According to Nike, they will be selling the virtual sneaker boxes for $19.82 USD, a reference to the year of the original Air Force 1’s debut. What’s disheartening here is that Nike has decided to launch these NFTs but will ironically not accept payments from any crypto in exchange for the NFTs. In February, Nike revealed that it had selected four virtual shoe designs by .Swoosh members to be featured in the OF1 drop. Nike’s designers have since collaborated with those community members to bring their ideas to life on the blockchain. These fan co-created designs will be randomly distributed among both Classic Remix and New Wave boxes.

Nike has not disclosed the maximum number of Our Force 1 NFTs available for minting, while batches for the virtual AF1 posters will begin airdrops today, April 18th. The posters will be used to unlock OF1 boxes, with a randomized selection of .Swoosh members unlocking minting for OF1 boxes on May 8th. Full public release for the .Swoosh community is scheduled for May 10th.

The .Swoosh platform currently has over 330,000 members, with free registration for the public.

“We are exploring new ways to tell stories and create relationships while removing the barriers and limitations of physical product. With more members choosing to express themselves across physical and digital worlds, .Swoosh is the marketplace of the future,” shares Ron Faris, General Manager of Nike Virtual Studios.

Nike has plans to provide additional utilities and benefits for OF1 box holders, such as access to exclusive physical products and experiences. This isn’t Nike’s first foray into the NFT market with digital sneakers. Last year, the company introduced CryptoKicks, an Ethereum-based digital sneaker NFT wearables collection developed in partnership with RTFKT, the NFT sneaker studio it acquired sometime in late 2021. CryptoKicks, originally airdropped to holders of rare RTFKT NFTs, quickly soared in value, with some fetching over $14,000 on secondary markets.

By offering a vast number of OF1 NFTs at a relatively low and fixed price point, Nike aims to foster community participation in .Swoosh rather than simply generate quick returns in NFT revenue. This approach stands in contrast to recent efforts by other major brands, which have faced backlash for prioritizing profits over community engagement.

Nike’s launch of the OF1 NFT collection follows the launch of Adidas, one of its primary competitors, of Chapter 1 for its ALTS dynamic NFT collection. Adidas has also been working its way into the NFT and metaverse markets through partnerships and collaborations with NFT creators in the space.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.