NIKE

FROM WEB2 TO WEB3

By CROING

Sep, 2022

NFT

As far as big brands go, some are more willing to change their business model to engage their users in new and meaningful ways, Nike is one of them, a pioneer on web3.

Our Head of metaverse, Anggie Salazar, explains the business development point of view of the collection

Normally in order to go from web2 to web3 a big brand either allies with a collection, goes into a social cause or acquires a tech company that helps them build something new, this is what Nike moved forward with.

They announced the acquisition of RTFKT Studios, which make them start their NFT project journey that has produced over $200 million dollars towering over the other mega-brands who are actively participating in the space.

Nike’s Rtfkt partnership, has released more than 10 NFT collections, some of them are: RTFKT X NIKE MONOLITH and RTFKT x Nike Dunk Genesis CRYPTOKICKS.

Our head of Operations and Project Manager, Camila Lessire, shares her opinion of the project
In the case of RTFKT, as Jurgen Alker said, “The mechanics around NFTs and sneakers are pretty similar. Both are created around scarcity and drops. It’s about community, status and belonging to something.” Alker runs the NFT studio for Highsnobiety, and highlight something really important: Attention dictates the value of a project

High attention = value goes up and a good time to sell
Low attention = value goes down and possibly a good time to buy (if you have conviction the project can win it back)

In Nike case the rollout was shrouded in mystery. The brand started to create FOMO between its community. The only clue about what was inside the MNLTH boxes was the Nike Swoosh and RTFKT’s lightning bolt logo. People start to buy MNLTH boxes, and after some period of speculation, Nike announced they could connect their wallet and discover what was inside. So, at the end what they did? They inject tons of attention to the collection and take advantage of the community they already buildt as a brand.

What we want to highlight is the importance of knowing your community to create strategies that get along with them, build the speculation and scarcity around your collection and make a promise to create excitement and FOMO. So once the mint and reveal happens bring a real value for your holders.

Julieta La Biunda, our Social Media and Metaverse Manager
Ever since february, they’ve been giving small hints and previews of the alliance. First, they posted an amazing 3D Cube called MONOLIT Mnlth which gave hints to the users. The prize was to guess what was inside of it! So it was a huge campaing where EVERYBODY was freaking out and trying to guess what was coming for them.

There was a lot of conspiracy between followers. They created amazing videos, polls, and in the middle of all speculation, RTFKT ARTIFAKT made that cool chaos increase by making provocative tweets to keep the flame alive:

MONOLIT which is the 3D CUBE/BOX isn’t about making a NFT drop, you should have guessed that by now. did you know?https://twitter.com/RTFKT/status/1509262577255256072?s=20&t=AXTdk6T6bS_g6W94P8Vz0g

After some weeks of silence about the project they came back again saying remember how we started? Today is the final Quest.

RTFKT made threads, challenges to see which were the theories going on in the space.

What we loved about this announcement is how they created the sneak peeks. They used an advanced 3D Cube which was “exploding” bit by bit every quest ‘till the announcement date. The concept of the future of sneakers, welcome to 2052 was percived from the first day they started the campaign cause all the creative content ideas and motion was pretty futuristic and advanced.