Nike confirmed the successful introduction of its digital Cryptokicks created by the Web3-based RTFKT studio. The announcement marked a breakthrough for the first conversion of NFT to an actual tech shoe in the crypto space.
Acquisition of RTFKT Studio
Nike ventured into Web3 technologies after the December 2021 takeover of RTFKT. The Web3 studio was established in 2020 by Benoit Pagotto, supported by Chris Le and Steven Vasilev. Besides collectibles, RTFKT has previously majored in creating virtual sneakers by utilizing nonfungible tokens (NFTs), augmented reality and game engines.
RTFKT has restricted auctioning of its productions using blockchain to guarantee authenticity, ownership and facilitate access to new experiences.
Nike started its digital projects in April through the release of Cryptokicks. The pair rivalled the iconic Dunk shoe. However, the cryptokicks existed in digital form within the metaverse ecosystem.
The present Cryptokicks iRL leaps beyond the digital asset to a wearable shoe.
The NFT-backed shoe has self-lacing technology that replicates the Air Mag model. Besides, cryptokicks iRL features customizable lighting alongside Bluetooth. While it lacks a cord, it utilizes wireless charging technology.
Unique Design of Cryptokicks iRL
Nike’s representative revealed that one could authenticate the shoe from the NFC chip. Also, the executive disclosed that one could track the shoe’s ownership. The Crytpokicks iRL is a masterpiece founded upon NFT, a distinct digit artwork secured using an ownership code considered an authenticating certificate.
Nike confirmed holding a draw publicly for the 19,000 Cryptokicks iRL on December 9. Nike ran a restricted draw that only allowed participation from RTFKT account holders. Besides, the participants were required to possess 0.5 ETH translating to $634.
Concerns over Nike Tech Shoe Project
Nike’s announcement of releasing the NFT-backed tech shoe attracted criticism from sneaker collector Mike Sykes. He expressed concern that the success of Nike’s digital projects is questionable despite the notable investment realized lately in Web3 technologies.
However, the Maryland-based journalist challenged Nike’s tech shoe to prove its capacity to appeal to consumers. Sykes regretted that most metaverse projects undertaken by the big brand had turned into a gimmick. He admitted that even the firmest advocates in Web3 appear disinterested in the $600 shoe.
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