Despite the prolonged anticipation, Nike managed to sell 72,000 out of the 106,000 NFTs. Each NFT was priced at $19.62, resulting in an impressive total sales figure of $1.4 million, as reported by PolygonScan.
With NFTs, American athletic footwear juggernaut Nike continues to open the door for established businesses to use Web3. The company launched its first digital sneaker NFT collection after gradually expanding its Web3 strategy.
Nike’s new collection, which has so far brought in millions of dollars and solidified its dominance, has also stoked resentment among the public.
Web3 platform from Nike.Our Force 1, a series of highly anticipated NFT sneakers from SWOOSH, was just released. It was inspired by the legendary Nike Air Force 1 Low, which was introduced to the public in 1928. Despite ongoing delays and technical issues that tried the community’s patience, the new NFT collection has proven to be a resounding success, garnering outstanding amounts in sales.
Nike encountered unexpected events that delayed the “First Access” sale from its original May 8 launch date to May 15. The initial part of the sale was restricted to individuals who received “posters” through airdrop, allowing SWOOSH’s most devoted community members to purchase the NFTs ahead of schedule.
Nike committed to sell off the remaining NFTs in its inventory on May 10 after the First Access Sale. But the business broke its commitment and pushed back the General Access sale date to May 24.
After a long wait, Nike sold 72,000 of the 106,000 NFTs at a price of $19.62 each, according to PolygonScan, contributing to an amazing $1.4 million in sales overall.
Although the early results seem encouraging, there were difficulties with the launch. Nike’s physical releases typically sell out in a matter of minutes, but only one-third of its NFTs have been sold so far. The turmoil in the sneaker and cryptocurrency communities brought on by the several delays may be to blame for this.
Nike’s NFT sale was delayed numerous times when it first began, which led to a stressful experience that angered the public. The selling website frequently collapsed, greatly impeding the minting process and frustrating many clients.
Numerous community members expressed their dissatisfaction, pointing out problems and expressing worries about bots infecting the system, a problem that frequently affects Nike’s sales.
Nike made the decision to extend its First Access Sale in order to calm things down and give some respite. However, this prolonged the General Access Sale even more, infuriating people who were eagerly anticipating to buy NFTs.
They were unaware that Nike has not yet sold out of all of its NFT despite its best efforts to extend selling windows. The website’s persistent processing difficulties may be to blame for the lack of sales. Some users have even claimed to have received OF1 NFTs without being changed for them.
On the other hand
- Although Polygon (MATIC) was used for construction, Nike does not accept cryptocurrency payments for this NFT collection.
- In the majority of Europe, the.SWOOSH platform is not currently available.
- It’s unclear whether avatars in the most well-known blockchain games will work with virtual footwear.
- In 2022, Nike earned $185 million from NFT sales, surpassing the combined revenue of Gucci, Tiffany, and Adidas.
One of the most well-known mainstream companies on Web3 is Nike. the web3 platform of the business.With over 330,000 active users globally, SWOOSH enjoys a very high level of demand for its services.
However, the platform’s recent difficulties in dealing with bots, processing, and other issues have highlighted a vital conclusion for the business—the need to accept bitcoin payments.