Nike’s .SWOOSH Web3 platform has released its first-ever non-fungible token (NFT) sneaker collection, which has surpassed a total of $1 million in sales. The launch of the much-awaited Nike virtual creations began on May 15, almost a week after the previously announced start date of May 8. However, the first round of sales, called “First Access,” was exclusively open to a select few users, who were given “posters” as an early entry ticket. This phase included only 106,453 posters distributed to the earliest .SWOOSH community members. The “General Access” sale started on May 24, two weeks after its originally proposed sale date of May 10, and aimed to sell the remaining NFTs of its total inventory of 106,453.
In total, over 66,000 NFTs have already been sold, priced at $19.82 each – a tribute to the year the iconic Air Force 1 sneaker was first released. This indicates that Nike has earned about $1.3 million in sales so far, although the sale is still ongoing and now ends on June 1. While these initial figures may look promising, excited buyers were left frustrated due to technical and traffic issues that marred the user experience.
On the day of the First Access sale launch, the website frequently crashed, leading to an uneven experience that lasted several hours. Some users expressed their dissatisfaction with the finicky experience given Nike’s expertise in releasing limited-edition collectibles to the masses. Despite various failed attempts, the General Access sale began on May 24, though it also witnessed processing delays. Some users even reported being charged for OF1 NFTs despite not receiving them, leading many to believe that the sale was not going as well as it should have.
Despite the initial technical and traffic glitches, the efforts seem to have paid off. The company has praised .SWOOSH for “managing some insane traffic” and has declared the virtual sneaker sale a massive success. In the past few years, the company has been making steady moves to expand its Web3 strategy, including acquiring digital fashion startup RTFKT Studios, which has launched several successful NFTs. .SWOOSH has even shared its plans to expand into various future areas, such as virtual and IRL experiences, gaming, mint passes, 3D Files, and more.
In conclusion, although the sale faced several delays and technical issues, Nike’s OF1 NFT sneaker collection has proven to be a huge success and has crossed the $1 million mark in sales. With such a profitable position, it will be interesting to see what other exciting ventures Nike explores in the future with their Web3 platform.
According to https://www.coindesk.com/web3/2023/05/25/nike-of1-nft-sale-surpasses-1m-despite-delays-tech-issues/
The material in this article is written on the basis of another article.