Nike has officially dropped its first NFT sneakers called "Nike Cryptokick." Made in collaboration with a blockchain tech firm RTFKT, the digital sneakers are only available to those, who participated in RTFKT's airdrop MNLTH in February this year, the Vogue Business reports. Now, those holders who decided to keep the mysterious loot boxes can now burn them in exchange for Nike Cryptokick.
The NFTs feature a 3D version of the Nike Dunk sneakers, which first became popular back in 1985. RTFKT Co-Founder Benoit Pagotto says users can customize their digital sneakers in a similar way they customize characters in video games.
Nike acquired RTFKT for an undisclosed sum in December 2021 as the company wanted to accelerate its digital transformation. Nike CEO John Donahoe added that the company plans not only to invest in the RTFKT brand, but also "serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities."
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In early February, Nike sued StockX for selling images of its sneakers in the form of non-fungible tokens. The shoemaker later said in the lawsuit that it did not approve of or authorize StockX’s NFTs.
Nike also stressed that StockX's unsanctioned NFTs infringed its trademarks as the digital collectibles could have confused consumers and "create a false association between those products and Nike" as the reseller promised buyers they would be able to redeem the NFTs for physical versions of the shoes "in the near future."
StockX doesn't agree with that stand assessment. The Detroit-based online reseller wrote in a response letter that the digital collectibles violated no legitimate right of Nike or any of the manufacturers of the underlying goods.