The Secrets to Nike's Success in NFT’s
Nike has become the largest earning fashion brand in the Metaverse. As their number of NFT purchases rise, Nike’s continued success is due in part to statistics used with their NFT drops and branded Metaverse.
Here are the 6 reasons how Nike has become the most successful brand within the fashion Metaverse.
They used NFTs as a Tool, Not Strategy
After acquiring the RTFKT brand, a Web3 brand creating one-of-a-kind sneaker NFTs in December 2021, Nike planned on weaving in NFT drops into their physical models. Instead of using an NFT strategy, Nike used NFTs as a tool in their physical marketing campaigns. They used a ‘phygital’ model to market their physical products while simultaneously weaving in their NFTs.
This sort of technique has crowned Nike as the premier NFT brand selling 67.2K NFTs and making a whopping $185 million in sales globally.
2. Free Hidden NFTs
Nike also uses a tactic called “Easter Eggs” to stimulate interest in their NFTs. Easter eggs are prizes found in games or on webpages by consumers and are a fun way to make games more stimulating and immersive.
By placing these Easter Egg NFTs on their webpages for consumers to find and keep for free, Nike has created hype and connection with their community making their NFTs a lucrative collectable.
3. Easy MetaMask Wallet to Purchase NFTs
Purchasing a NFT from Nike uses the most simple digital wallet around, Metamask. This software is easy to use and is secure with any hardware making the purchase of these NFTs effortless.
With the popularity of NFTs in mid 2021, people unfamiliar with this type of cryptocurrency began questioning their legitimacy and usability. Softwares like Metamask make it simple and secure for consumers to purchase these NFTs and lessen the confusion around NFTs.
RTFKT Nike NFTs can be stored in this type of wallet for later transactions making it user-friendly and a lot more convenient for new collectors. Metamask is linked onto the web page when purchasing NFTs from Nike allowing consumers easy access into the Web3 world.
4. Collaborations with Artists
A big draw to purchasing these Nike NFT sneakers are the one-of-a-kind nature of the collaborations. In February 2022, Nike collaborated with digital creator FEWOCiOUS selling roughly 600 physical sneakers paired with NFTs of the sneaker for around $1.3 million.
While people were still unfamiliar with NFTs, Nike was able to drop sneaker collaborations with up-and-coming digital designers in both the physical and digital space.
They not only created diverse looking drops but propelled designers into digital fame. Having such a huge impact on the sportswear and sneaker industry, Nike is able to help artists by giving them credit and making them known throughout the world for their artistry.
5. Collaborations with Gaming Platforms
We’ve seen huge brands in fashion collaborating with several big gaming giants. One big collaboration is Nikeland with Roblox. Roblox, the premier gaming metaverse host, has hosted several other brands including LVMH’s “Louis the Game” with great success.
Nikeland has gained a lot of attention in the past year with over 21 million visiting this Nike Metaverse in just the past year. Their metaverse hosted on Roblox, has a virtual storefront where people can purchase NFTs of their favorite sneaker drops.
As stated on their website, “Welcome to NIKELAND, where sport has no rules. Tag on trampolines? Why not. Floor is lava with a dash of parkour? Let’s go. Explore the world of sport, swim in Lake Nike, race your friends on the track, and discover hidden secrets!”
6. Community Build with NFTs
‘Sneakerheads’ or sneaker enthusiasts, are notorious for collecting the latest sneakers and waiting in queues for the newest drops. Sneakerheads interested in NFT drops are now able to do the same thing but from the convenience of their homes. This sort of virtual community build has become common in the post-covid world, with Nike taking the lead through their NFTs and Nikeland.
Nikeland’s success is due in part to its social gaming experience creating a space on the metaverse for sneakerheads to socialize in a virtual setting. Nikeland also keeps its metaverse updated with new releases and experiences for its users.
These specific reasons are how Nike successfully topped the fashion Metaverse and was able to capture an audience, virtually. With several big name brands moving into Web3, being on the metaverse is crucial for a brand's success in the coming decade.
With projected investments topping $1 trillion by 2030, it’s no wonder why brands are gearing up their marketing efforts in Web3.
