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How Nike is changing the fashion industry with NFTs

How Nike is changing the fashion industry with NFTs

Nike is known for being at the forefront of new technology, and their latest move into the digital world is sure to excite sneakerheads everywhere. By using NFTs, Nike is able to create a unique customer experience that truly embodies the “Just Do It” spirit we’ve all come to expect from the global brand.

NFTs have been around for a while now, but their true potential is only beginning to be realized. If you’re unfamiliar with them, NFTs (non-fungible tokens) are unique digital assets that can be used in various ways. One example is their use in the world of fashion and luxury. This revolutionary concept has already begun changing how fashion operates around the world, but its impact might very well exceed anything we’ve seen before.

How Nike is using NFTs to change the fashion industry

Nike has always been recognized for offering luxury and lifestyle via its products. With their latest offering, Nike has now successfully used NFTs to enhance the wonders of fashion and digital adaptation.

Nike acquired the virtual company RTFKT last December, which integrated into the new “Nike Virtual Studio” to unleash their series of Nike-branded NFTs. With the promise of many more, Nike has now released three series of their branded NFTs.

The Dunk Genesis CryptoKicks is Nike’s first NFT sneakers. The Ethereum-based NFT wearable CryptoKick sneakers are based on Nike’s real-world Dunk sneaker and can alter their appearance using another NFT add-on called Skin Vials.

These Skin Vial NFTs vary in rarity and work with Nike’s virtual Dunks and other compatible virtual sneakers, providing “thousands of different looks” with only one pair of NFT shoes. In only 6 minutes, 600 pairs of these NFT sneakers were sold out, producing a total revenue of $3.1 million.

RTFKT x NIKE AR HOODIE

The NFT hoodie permits metaverse and real-life holders to use it through augmented reality (AR) technology. The hoodie is futuristic in design, featuring an NFC (near field communication) chip that allows wireless connection between the hoodie and the digital asset.

Nike’s Genesis hoodie owners may add AR features like virtual wings to their clothes using trackers and QR codes. RTFKT intends to continue developing utilities such as token-gated entry to in-person events over time.

RTFKT x NIKE AR HOODIE holders could also redeem the physical hoodie.

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Space Drip Forging — RTFKT Space Drip x Nike Air Force 1

RTFKT Studios debuted its “Space Drip” initiative in March 2021, curating 18 local NFT artists and providing them with the option to make unique shoes of their design. Paris Hilton was recruited as the 19th artist, and she designed a unique character design that collectors can obtain by collecting all of the previous models.

These shoes include inbuilt NFTs connected to the NFT that originated them, making physical item identification simple.

The NFT is now in its forging phase, in which it is physically and digitally developing its usefulness. Holders who previously purchased the Sneaker NFT could also redeem a physical counterpart.

By removing obstacles and decentralizing footwear manufacturing, these NFTs enable the next generation of artists to contribute fresh innovation and vision to the field. Another key element of Nike’s digital direct-to-avatar sales strategy is the introduction of its metaverse, Nikeland.

The launch of its digital wearable sneaker NFTs was followed by a comprehensive Web3 experience, as Nike used a marketing build-up akin to their immensely successful in-person product launches.

Setting the bar high, Nike’s virtual Nikeland perfectly illustrates how many businesses may benefit from the metaverse and NFT markets.

Nike Enters the Metaverse — Nikeland

Nikeland is a custom-built Roblox-powered metaverse where Nike fans can gather, mingle, engage in promotions, and interact with numerous brand experiences. This digital world modeled after the company’s actual headquarters includes buildings and arenas for participants to engage in various games. Users may also visit a digital showroom, outfit their avatar in all Nike offers, and see the company’s current product releases. The items could be based on previously released or currently available Nike merchandise.

Nike also provides sneak peeks at upcoming products to engage its target demographic or invite youngsters to collaborate on designs. Nikeland also hosts special digital events with Nike partner celebrities and sponsored athletes.

Nike’s venture into the metaverse is also an excellent branding strategy. Looking around Nikeland, you’ll see Nike’s distinctive logo everywhere.

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Why Nike has adopted NFTs and the Digital World

NFTs and the digital world can connect with a new generation of sportspeople and make them fall in love with the brand, which translates into real-world sales. Nikeland provides digital shoes, apparel, and accessories for avatars taking NFTs’ use-cases to the next level. More than 8 million individuals have visited Nikeland from over 224 countries since its launch on Roblox in November 2021.

During NBA All-Star Week, LeBron James visited Nikeland to motivate participants to engage in physical activity while playing. LeBron coached and interacted with the players, and Nike rewarded physical gameplay with the potential to access even more virtual products.

Nike has used NFTs to improve its brand image in the digital fashion world, promote physical retail items, and generate scalable customer traffic to its online storefronts. Nike has leveraged the digital world to leave its footprint and brand influence on the lives of many NFT enthusiasts and kids who love fashion, luxury, and gaming. We’ll see much more ingenuity and invention in this field in the future! Whether you’re a Nike fan or not, you have to admit this is pretty cool stuff!

Credit : Medium

By |2024-02-22T13:37:27+05:30October 17th, 2022|Technology|Comments Off on How Nike is changing the fashion industry with NFTs

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