Nike: Nike trying to preserve its dominance in the sports market has now entered the virtual market too. The brand aims to preserve its leadership at all costs, in the real world or the virtual one – Metaverse.
The metaverse is a virtual world in which we are called upon to interact via avatars and technological tools such as virtual-reality helmets. In the metaverse, we are supposed to be able to do almost all the activities that we do in the physical world.
Nike has entered the metaverse with the launch of some pretty pricey virtual sneakers. Nike has just taken a big step into the metaverse: The brand and the young digital fashion studio RTFKT have just unveiled a new kind of sneakers, entirely digital. These sneakers are called CryptoKicks.
The footwear brand launched the Nike Dunk Genesis Cryptokicks, a range of 20,000 sneakers that can be bought as NFTs. And people are going nuts for them. More than $14 million has been spent on the digital kicks, with crypto holders spending between $10,500 and $12,500 for a pair. However, rare skins that can be bought for a minimum of $3,500 can be applied to the shoe to really enhance the value. One pair of virtual Nikes went for $186,000, the equivalent of 45 ether. If you thought that was shocking, wait until you hear about the sneaker skin, called Alien, that went for a whopping $630,000 two days ago. The shoes are pretty awesome, however, you’d think with the amount of money being spent that Nike would at least be sending through a physical version to the owners. Nope, these are strictly digital and represents Nike’s gamble on virtual fashion as the metaverse space expands. Not to worry though, owners can see how they’d look in their digital goods through a Snapchat filter.
Nike started by filing a lawsuit in February against StockX, the Detroit sneaker exchange, which it accused of having infringed its patents by marketing nonfungible tokens of its sneakers. The company said that StockX had been selling unauthorized images of its shoes as NFTs. In its complaint Nike also claimed that StockX offered a range of products likely to confuse consumers.