While the term “phygitals” may one day fade into obscurity, the concept appears to be firmly entrenched, with Nike and RTFKT’s non-fungible token (NFT) universe being a prime example. In under two years, this innovative partnership, despite facing bearish market conditions, has generated over $1 billion in trading volume and more than $100 million in earnings.
Since December 2021, Nike-RTFKT NFTs have facilitated close to $1.4 billion in trading volume, according to data from The Block Research. Simultaneously, RTFKT’s extensive collection, featuring over two dozen collections such as the CloneX-Takashi Murakami avatar NFT drop from late 2021, has amassed $170 million in earnings, as reported by DefiLlama.
While the CloneX collection contributed significantly to these figures, many other collections have made substantial contributions. In certain instances, owning NFTs has unlocked opportunities for consumers to purchase limited-edition Nike sneakers, complete with a special authenticating tag embedded in the shoes. This opportunity has been seized by thousands of sneaker enthusiasts, including NBA superstar LeBron James.
Photographer Frankie Sutera, a devoted sneaker collector and NFT enthusiast, praised the quality of Nike-RTFKT shoes, noting they surpass other Nike shoes in his collection. Sutera has acquired the necessary NFTs and ordered a total of nine pairs of Nike-RTFKT shoes.
The recent forging event for the Dunk Genesis Cryptokicks, held from October 18 to 30, saw trading for the required NFTs surge to $613,000 during the month, according to data from CryptoSlam! In September, token trading was a more modest $85,000, signifying a remarkable 600% month-on-month increase in October.
Kelly DiGregorio, Vice President of Content Partnerships at leading NFT marketplace OpenSea, underscored the continued excitement for Nike Cryptokicks on their platform, emphasizing how this technology empowers fans with inherent ownership.
Co-founder of the Pudgy Penguins NFT collection, Cole Villemain, expressed his enthusiasm for RTFKT’s work during the Dunk forging event. He unboxed a pair of Air Force 1s for his 125,000+ followers and highlighted the attention his Nike-RTFKT sneakers received during a Beeple event.
While a pair of Dunks cost approximately $220 for NFT owners during the forging event, some were listed on secondary markets like eBay for as much as $1,000. Customers who ordered Dunks during last month’s forging can anticipate delivery no earlier than June 2024, according to RTFKT.
