Nike’s NFT sneakers are being sold for obscene amounts of money

Nike and RTFKT have launched a lineup of virtual sneaker NFTs, and some of their “CryptoKicks” have sold for more than six figures. It’s like collecting physical shoes, except you don’t get any shoes.

Nike CryptoKicks is a collection of NFT sneakers called “RFTKT X Nike Dunk Genesis”, which users can customize using ‘skin jars’ from different designers. These bottles change the look of sneakers, adding new patterns and effects like flashing lights and floating swooshes.

First, you need to purchase the basic sneakersand then you can add the skin vials to change its appearance. You will be able to “collect, evolve and craft sneaker skins”. How? The video claims that “traveling the RTFKT ecosystem” will unlock upgrades for its sneakers, but it never specifies what that journey involves.

The average price of some of these sneakers seems to be in the $6,000 to $10,000 range, while some are already selling for over $100,000. Some less common skin bottles are costing around $40,000. I see a pair of sneakers with more half a million dollars purchase prices, although current bids are nowhere near that. However, it’s not too crazy a question, as I’ve seen a bottle of skin sold by over $400,000 Ethereum value.

The skin bottles remind me of Pokémon: different evolution stones would change an Eevee’s appearance. However, I’m pretty sure we can’t challenge others to tennis duels.

“CryptoKicks” was patented by Nike in 2019 and remained fairly quiet until Nike acquired RTFKT, a digital apparel brand in 2021. It then launched a mysterious NFT release called MNLTH in February, which essentially distributed 20,000 timed loot boxes that contained the sneakers. . The average price of these mysterious NFTs? Before the sneaker is revealed, some of these MNLTH loot boxes have been “valued” at over $20,000.

You can’t wear these sneakers in real life or even Fortnite, but you can use a Snapchat AR filter to see how they would look on your feet, so that’s something. RTFKT warned bidders on its OpenSea page that they should not bid on “fitted shoes” and only bid on skin bottles and the basic sneakers because the “blockchain is not fast enough with processing changes at the time of purchase”.

Apparently, there’s an exploit that’s preventing people from swapping the skins on sneakers they’ve purchased that already had a skin applied to them. That hasn’t stopped people from spending a lot of money on these digital kicks.

This isn’t Nike’s first foray into the so-called metaverse; partnered with Roblox earlier this year to launch Nikelanda digital playground inside Roblox where swoosh fans can socialize, play games and dress their avatars in Nike apparel.

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