Technical Issues No Match for Nike’s NFT Revenue of $1 Million

Nike’s first NFT sneaker collection, OF1, has made a splash in the crypto space, generating over $1 million in sales in less than a week. The collection, which features a little over 106.000 unique digital sneakers inspired by Nike’s iconic Air Force 1 model was launched on the SWOOSH Web3 platform on May 24.

Not Even Tech Problems Kept the Fans Away

However, the launch was not without challenges. Many users reported delays and technical issues that prevented them from accessing the platform or completing their purchases. Some users claimed that they had to wait for hours or even days to receive their NFTs, while others said that they were charged multiple times for the same transaction. Some users also complained about the lack of customer support and communication from Nike.

According to Polygonscan, more than 66,000 NFTs had been sold as of Thursday afternoon. Each NFT was priced at $19.82, a tribute to the year the Air Force 1 sneakers was first released. This means that Nike has earned about $1.3 million in revenue from sales so far, although the sale is still going on and ends on June 1st.

NFT Collections Will Grant Real-Life Benefits

The OF1 NFTs are not just digital collectibles, but also utility tokens that grant access to exclusive benefits and experiences from Nike. For instance, each NFT holder can redeem a physical pair of Air Force 1 sneaker customized with their NFT design. Moreover, the NFT holders can also join the .SWOOSH community, where they can interact with other sneaker enthusiasts, participate in events and contests, and access future drops and collaborations.

Nike’s entry into the NFT space is a significant milestone for the crypto industry, as it shows the potential of Web3 platforms to create new forms of value and engagement for both brands and consumers. Nike has demonstrated its vision and innovation by creating a unique and immersive digital sneaker experience that blends art, culture, and technology. The OF1 NFT collection is likely to inspire more mainstream adoption and innovation in the NFT space in the future.