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Nike's Crypto Initiative: Multi-Million Dollar Virtual Sneaker Sales

On April 18, Nike launched the first wave of its digital collectibles, offering virtual sneaker boxes priced at $19.82. Major brands have been providing loyal customers with NFT-like items, now called "collectibles" or "creations."

Nike's Virtual Sneakers
Nike's Virtual Sneakers

Nike's Blockchain-Powered Platform: Swoosh

Nike's "first digital-creation collection" will be released on the blockchain-powered platform, Swoosh. Consumers can purchase digital images of virtual shoe boxes for $19.82, each unlocking various digital versions of the iconic Air Force 1 sneaker.

Avoiding Crypto Lingo: The Trend in Promotions

The trend of excluding crypto terminologies like NFTs and blockchain from promotions follows similar moves by The Rolling Stones and Fox Entertainment. This could be due to fallout from crypto scandals or an effort to make the technology more accessible using everyday language.

Who Can Buy Nike's Virtual Sneaker Boxes?

Nike will offer over 330,000. Swoosh members have the opportunity to buy a digital box. If each member purchases at least one box, Nike could generate more than $6.5 million in revenue.

Nike's Previous Digital Ventures: RTFKT's NFT Sneakers

This is not Nike's first venture into digital fashion and collectibles. In late 2021, RTFKT, a digital fashion and collectibles firm owned by Nike, released NFT sneakers.

Air Force 1 Boxes: Available from April 18

Starting April 18, Air Force 1 virtual boxes can be purchased on Nike's digital marketplace.