Nike’s .SWOOSH Web3 Platform Launches Highly-Anticipated NFT Sneaker Collection, Surpasses $1 Million in Sales Despite Technical Issues

Nike’s Web3 platform, .SWOOSH, has released its first non-fungible token (NFT) sneaker collection, which has already surpassed $1 million in sales despite persistent technical issues that disrupted the user experience. The highly-anticipated launch began on May 15, almost a week after its initial scheduled release date of May 8. The first round of sales, known as “First Access,” was only available to select users who were airdropped “posters” that served as their early entry ticket. Nike reports that 106,453 posters were distributed to the earliest members of the .SWOOSH community, and the “General Access” sale began on May 24.

As of Thursday afternoon, more than 66,000 NFTs had been sold for $19.82 each, marking a tribute to the year the Air Force 1 sneaker was released, indicating that Nike has earned about $1.3 million from sales so far. The sale is still ongoing and will end on June 1. The launch was delayed several times due to technical and traffic issues making it difficult for eager buyers to navigate the cumbersome process.

Updates from the Nike team suggest that sales are slower than expected, and over one-third of the OF1 NFTs are still available for purchase. Nike typically releases limited edition collectibles on its popular physical sneaker releases, which sell out in minutes. Chronic delays and technical glitches marred the NFT minting process, and the website frequently crashed during the First Access sale, causing disappointment among users who expected a more seamless experience.

On May 16, Nike extended its First Access sale “due to the ongoing tech issues,” which also led to a second delay. While the General Access sale began on May 24, some users reported being charged for the OF1 NFTs despite not receiving them, while others experienced processing delays. Nike is yet to respond to these claims.

The global sneaker giant has been steadily expanding its Web3 strategy and previously acquired digital fashion start-up RTFKT Studios, which has launched several successful NFT collections, including its CryptoKicks collection. Nike has also partnered with brands like Rimowa and artist Takashi Murakami on limited-edition releases. The .SWOOSH marketplace is set to launch in the coming months, while .SWOOSH has also announced plans to expand into virtual and in-real-life experiences, gaming, mint passes, and 3D files.