Nike Announces “First Native Web3 Shoe” Courtesy of NFT Property RTFKT

Not without hiccups, Nike has formally announced its first “native web3 sneaker” this week, courtesy of its NFT/web3 arm, RTFKT. Now, as the industry leader in the sneaker game continues to showcase his investment in building his infrastructure in emerging technology and web3-related fields, he’s also proving that the audience is rigid… and global.

The biggest bite around Nike’s launch has less to do with cost and much more to do with access, as Nike has restricted fulfillment of its web3 sneakers to US-based addresses only. Let’s take a look at everything. you need to know about the new Nike release and the buzz surrounding it.

Nike and RTFKT: how it came about

Nike’s acquisition of RTFKT last year has largely served as the most successful case study of a traditional brand using an NFT platform, certainly among those who have entered the NFT space with a longer time horizon.

The acquisition came about a year ago in the midst of the NFT bull market craze. Following the acquisition, the brand also launched its own dedicated web3 platform, .Swoosh, last month, demonstrating continued investment to play in the web3 sandbox.

Viewed from the outside, it appears that Nike has largely left RTFKT to operate of its own accord at the forefront of projects, but overall it has become a great success. Back in August, we covered how Nike was the leader by far in the big brands when it came to NFT engagement strategy, and no one has come close to the crown in recent months either.

Sneaker Drop Debate Boils Down to Geographical Constraints

RTFKT’s Twitter announcement thread, posted on Monday, details some of what to expect, including a ‘walk to win’ mechanic, utility through authenticity, app connectivity, and more:

However, the thread closes with a keynote that has caused a lot of friction: “Due to advanced technology and product regulation, the product can ONLY be shipped to the US.” The lack of clarity, and a lack of foresight in not sharing this pertinent detail until after money from outside the US has been poured into the project, has led to a great deal of criticism surrounding another brand with web3 visions. and web2 execution. The MONOLITH price fell substantially, averaging north of 1.5 ETH over the past few days, and now recording sales for less than 0.5 ETH today.

Crypto is a global issue, and the comments and responses around this point drive it much further home. For big brands, it’s still hard to get it done right.

Featured image from Pixabay, Charts from TradingView.com

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