Nike’s Multi-Million Dollar Crypto Push Is Here

It’s become a common theme: big brands provide NFTs to their loyal customers, but they don’t call them that anymore.

Now it’s a “collector’s item” or, in the case of Nike, a “creation”.

The footwear and apparel juggernaut has announced that it is dropping its “first digitally created collection” on .Swoosh, the blockchain-powered platform Nike announced late last year. Consumers will be able to purchase digital images of virtual storefronts to $19.82, the company said. Each box will eventually unlock various digital versions of Nike’s “iconic Air Force 1” sneakers, which were first sold in…1982.

The decision to leave crypto lingo like NFTs or blockchain out of the equation follows similar promotions launched by the Rolling Stones and Fox Entertainment. The tendency not to use industry jargon may be a fallout from the series of crypto scandals that keep unfolding, or an attempt to integrate technology using common parlance.

Who receives the boxes from Nike?

Nike said it would give each of its more than 330,000 .Swoosh members the chance to purchase one of the digital boxes. If the company sold at least one box to each of its members, Nike could generate more than $6.5 million in revenue.

This isn’t Nike’s first digital foray. Late last year, RTFKT, a company-owned digital fashion and collectibles company, released NFT sneakers..

Air Force 1 boxes begin to be available from April 18 and can be purchased on Nike’s digital marketplace.

© 2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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