Nike’s NFT sneaker sales face delays

Nike’s first virtual sneaker line, Cryptokicks, has sold more than 66,000 NFTs to date, but technical and traffic issues have hampered the launch.

Nike's NFT sneaker sales face delays

Sportswear giant Nike has entered the NFT market with its first virtual sneaker collection called Cryptokicks.

The collection includes 106,453 NFTs, including one designed by artist Takashi Murakami. Each NFT is priced at $19.82 and references the year the Air Force 1 sneaker was launched.

The highly-anticipated Nike Virtual Edition was originally scheduled to release on May 8th, but due to unforeseen circumstances, the release date has been pushed back to May 15th.

The “First Access” round of sales is dedicated to select users who have received an airdropped “poster” through the airdrop, which grants them early access. Nike distributed a total of 106,453 posters to the earliest .SWOOSH community members.

After the First Access sale, “General Access” sales began on May 24, two weeks later than originally planned. This phase aims to sell any remaining NFTs out of 106,453 shares.

As of Thursday afternoon, Polygonscan reported that more than 66,000 NFTs had been sold, generating approximately $1.3 million in sales. The sale will run until June 1st.

Tech-Challenging Mar Nike’s NFT Sneaker Released

Despite encouraging sales figures, the launch faced multiple delays and technical challenges, leading to frustration among eager buyers.

Nike acknowledged that technical and traffic issues were responsible for the delays, making the buying process difficult for users. An update provided by Nike indicated that sales were lower than expected.

Unlike physical sneaker releases, where popular styles often sell out within minutes, more than a third of OF1 NFTs are still available for purchase.

Our Force 1 (OF1): Nike

The May 15th First Access sale experienced multiple delays and website crashes, resulting in a tumultuous minting experience for several hours.

Nike is known for its expertise in releasing limited-edition collectibles, so users expect a more streamlined release process.

The First Access sale was subsequently extended due to ongoing technical issues, which delayed the General Access sale. Despite the delay, a large number of OF1 boxes remain unsold.

Technical glitches and traffic issues have dogged General Access sales, with some users reporting they were charged for NFTs they didn’t receive.

.SWOOSH explained that an unforeseen error disrupted the minting process, causing delays and preventing additional purchases.

Nike’s NFT sneakers show demand for Crypto collectibles

However, Nike’s .SWOOSH Web3 platform celebrated the sale of over 55,000 OF1 boxes to over 30,000 unique buyers on May 25th. Nike staff applaud the .SWOOSH for effectively managing high traffic.

The success of Nike’s NFT sneaker collection demonstrates the growing interest in Crypto collectibles and the potential of NFTs in fashion and sportswear.

While technical hurdles have held back product launches, buyer enthusiasm and strong sales figures point to the enduring appeal of the Nike brand and the allure of limited-edition virtual items.

In late 2021, Nike acquired RTFKT (pronounced “artifact”), a Web3 studio specializing in Crypto apparel and NFTs. RTFKT partnered with Nike to develop previously Ethereum-based Crypto NFT sneakers called CryptoKicks.

RTFKT is not overseeing the .SWOOSH project, but helping Nike as it expands further into Web3.

Nike will mint NFT apparel on Polygon, an ethereum sidechain network that offers faster and cheaper transactions than ethereum mainnet.

Nike is one of the most influential and prominent players in the fashion and sportswear industry. Its entry into the NFT market marks the dawn of a new era of Crypto collectibles and virtual clothing.

Information source: compiled from COINSCREED by 0x information.Copyright belongs to the author Victory Emmanuel, without permission, may not be reproduced

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