RTFKT's "Cryptokicks iRL" NFT Collection from Nike Is Its Latest Entry Into the Competition

With the launch of the "Cryptokicks iRL" series, Nike is ramping up its NFT approach. The largest sportswear and clothing manufacturer has entered the "Move to Earn" competition, a new segment of the cryptocurrency market that links physical activity with digital token incentives.

The Cryptokicks iRL NFT series pays homage to Tinker Hatfield's legendary 1989 Nike Air Mag design. It's RTFKT's first smart sneaker. The collection announcement states that there will be only 19,000 pairs of Cryptokicks iRL released, and that buyers will be able to choose from four colorways (Blackout, Stone, Ice, and Space Matter). The RTFKT calls the procedure by which the digital collectible shoes may be exchanged for a real pair "forging."

The RTFKT WM Chip connects the actual object to the virtual shoe NFT. On December 12 at 10:30 a.m. EST, the collection will be released on the RTFKT.com website, along with the mint for Lace Engine NFT holders.

For the public mint, however, registration for the draw will open on December 7 at 11 a.m. EST and end on December 9 at the same time. Participants must have at least 5 ETH in a WalletConnect-compatible crypto wallet and be located in the United States to enter the draw. One entry per unique wallet/RTFKT account is permitted.

Nike's RTFKT has helped them amass about $200 million in NFT sales so far, and the company hopes to capitalize on this success. According to statistics provided by Cryptoslam, the NFT project's two primary collections, CloneX ($773.9 million) and CloneX Mintvial ($134.9 million), have produced over $900 million in total transaction volume.

Back in December of 2017, Nike paid an unknown sum to buy the RTFKT NFT project. In May 2021, the project was estimated to cost $33.3 million. With the arrival of celebrities and major businesses in the fourth quarter of 2021, the NFT sector reached its zenith, and Facebook's rebranding as Meta Platforms lured even more major players to the web3 space.

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