Nike enters Web3 Technology race with its first NFT Sneaker ‘OF1’

Nike, a well-known sportswear and sneaker brand, has recently entered the Web3 technology race by launching its first NFT sneaker called ‘Our Force 1 (OF1)'.

The digital collectible is set to be sold on Nike's Swoosh platform, which is dedicated to buying, selling, and trading NFTs based on shoes and apparel.

Nike's entry into the Web3 market:

 

Introducing our first Nike @dotSWOOSH virtual creations collection, the Our Force 1, inspired by the iconic AF1@Nike ⚡️⚡️⚡️⚡️https://t.co/YUfDSMB5sz pic.twitter.com/FLsYi6t9Pu

— Edgar Alvarez Barajas (@abcdedgar) April 17, 2023

Nike is the latest addition to a growing list of luxury brands that have entered the Web3 market.

The company's first NFT sneaker, ‘Our Force 1 (OF1),' is a blockchain-based digital collectible inspired by the brand's popular Air Force 1 collection.

Nike has plans to work with NFT-related marketing initiatives to bring its products to the Web3 gaming and metaverse ecosystems.
This will enable the company to advertise its products to a newer potential customer base.

Features of the OF1 NFT sneaker:

The OF1 NFT sneaker is a digital collectible inspired by Nike's iconic Air Force 1 collection.

The design of the sneaker is inspired by physical shoes that have been sold for prices as high as $8,000, which is approximately equivalent to Rs. 6.5 lakh in India.

The NFT sneaker will be launched on Nike's Swoosh platform in May 2023. Nike plans to airdrop virtual posters of the OF1 sneaker to select users registered on the Swoosh platform. The sales of these NFTs will open for everyone on May 10.