On May 8, Nike will release the Our Force 1 collection, which will be their inaugural virtual collection and the debut of their .SWOOSH platform. The collection includes 106,453 boxes containing virtual sneakers that will be available for purchase at a cost of $19.82. A public sale for the remaining boxes will follow the pre-sale.
Unlike typical NFT launches that rely on hype, speculation, and a limited supply of 10K or below to create a sense of scarcity, the approach taken by big brands such as Nike and Starbucks is more focused on building a long-term ecosystem. These brands aim to onboard more users by selling low-cost NFTs below $50 and creating marketplaces to offer a complete experience.
The emphasis for these brands is not solely on the floor price but also on the utility of the NFTs and how entertaining they can be. They strive to create a holistic approach that appeals to a broader audience rather than catering to a small group of collectors. This strategy aims to build a long-term relationship with their user base and create an NFT ecosystem that will sustain itself in the future.
Out of the 330,000 users registered on .SWOOSH, only 99,000 were able to secure a mint pass for the forthcoming drop. This limited availability is likely to create a surge in demand since less than half of the registered members will have the opportunity to mint the new NFT. Moreover, those who hold the new NFT will be entitled to mint future drops or attend exclusive token-gated events, adding further value to the NFT.
Given Nike’s significant user base and the fact that this release is a standalone drop by Nike Virtual Studio (rather than in collaboration with RTFKT), it is expected to become a centerpiece of the brand’s metaverse strategy.
