What are crypto kicks and how can I get started with them?
Nike was granted a patent in 2019 for a blockchain-based system called "CryptoKicks" that verifies the authenticity of physical sneakers.
CryptoKicks enable the creation of digital tokens linked to unique physical sneaker designs, enhancing traceability and preventing counterfeit products.
In 2022, Nike partnered with the digital fashion studio RTFKT to release the first "CryptoKicks" as NFTs (non-fungible tokens) on the Ethereum blockchain.
The initial "Dunk Genesis CryptoKicks" NFT collection allowed buyers to customize the digital sneakers and eventually redeem them for physical pairs.
CryptoKicks NFTs have been reselling on secondary markets for over $100,000, highlighting the high demand from sneaker collectors and investors.
The "CryptoKicks iRL" (in real life) project, launched in 2022, combines decades of Nike's sneaker innovation with RTFKT's vision to merge the digital and physical worlds.
The CryptoKicks iRL sneakers feature advanced technologies like auto-lacing, enhanced lighting, haptic feedback, gesture control, and wireless charging.
To purchase the limited-edition CryptoKicks iRL, holders of RTFKT's "Lace Engine" NFT were given exclusive access to a public draw.
The CryptoKicks iRL release is seen as Nike's first major step in integrating blockchain technology and cryptocurrency into the sneaker market.
Decentralized marketplaces like OpenSea have emerged, allowing users to buy, sell, and trade limited-edition sneakers as NFTs using cryptocurrency.
The CryptoKicks concept aims to enhance the experience for sneaker collectors and investors by ensuring a higher degree of authenticity and ownership verification.
The integration of blockchain technology in the sneaker industry could potentially lead to new revenue streams, improved supply chain management, and increased fan engagement.
To get started with CryptoKicks, you'll need to have a cryptocurrency wallet, such as MetaMask, and access to decentralized marketplaces like OpenSea.
Participating in exclusive CryptoKicks releases, such as the CryptoKicks iRL public draw, typically requires following the RTFKT and Nike SNKRS accounts on social media and staying up-to-date with their announcements.
The CryptoKicks concept is based on the principles of scarcity, ownership, and authenticity, which are core to the blockchain and cryptocurrency ecosystem.
The integration of CryptoKicks with the broader metaverse ecosystem could allow users to wear their digital sneakers in virtual environments and potentially unlock additional utility.
The development of CryptoKicks highlights the growing intersection between the fashion, sneaker, and blockchain industries, as brands explore new ways to engage with tech-savvy consumers.
The success of CryptoKicks could pave the way for other luxury and fashion brands to explore similar blockchain-based initiatives to enhance their product offerings and customer experiences.
The underlying technology behind CryptoKicks, such as the use of smart contracts and decentralized ledgers, could have far-reaching implications for supply chain management and product traceability in the retail industry.