Nike’s Web3 arm, RTFKT, just bought a new Ethereum Name Service (ENS) for $35,000, bringing its total ENS to 10.
Nike’s Web3 arm, RTFKT (pronounced “artifact”), just purchased a new Ethereum Name Service (ENS) domain for Ξ 19.72, or roughly $35,000 at the time of sale (about $38,600 at the time of writing). The latest ENS, dotswoosh.eth, purchased on May 27, brings the total of RTFKT’s ENS to 10.
Many are questioning how these ten domains fit into Nike and RTFKT’s Web3 strategy. While Nike’s reason for purchasing the dotswoosh.eth domain name remains unclear, many are speculating that Nike has plans to use the domain to issue ENS subdomains in the future, thereby using the addresses to generate extra revenue.
In case many are not familiar with how it works, the primary domain name holder controls ENS subdomains. So, for instance, Nike could allow holders of certain NFTs or other assets to register an ENS subdomain under dotswoosh.eth (e.g., johnny.dotswoosh.eth).
Nike’s Web3 Identity
Since its venture into the Web3 space, Nike has been highly protective of its identity, more so on Web3 platforms. Currently, the brand carries multiple Metaverse-related patents. Both Nike and RTFKT have successfully filed several NFT trademarks, including the “Just Do It” motto and the term “Nikeland.”
The NFTs pictured above are Nike and RTFKT’s ten ENS, all of which have something to do with the brands’ projects. Its ENS plays seem to be a part of an even larger strategy, as proven by its current holdings.
For example, “skinvial.eth” refers to vial NFTs that have the ability to change the appearance of Nike’s CryptoKicks NFT sneakers. On the other hand, the ”mintvial.eth” references the CloneX Mint Vial Ethereum NFTs, which holders can burn to create a one-of-a-kind CloneX avatar NFT.
The “spacedrip.eth” refers to Nike’s Space Drip NFTs, digital shoe NFTs that allow the holder to “forge” the sneakers’ physical version. RTFKT and Space Drip’s collaboration led to the release of the Space Drip 1.2 capsules, the same ones that can be forged, on May 25.
The six other ENS domain names included in RTFKT’s portfolio are:
- Artifacts.eth
- RTFKT.eth
- Drmos.eth
- Dreamos.eth
- DripCoin.eth
- M2tekno.eth
Commemorating 1972
In 1971, graphic designer Carolyn Davidson created the quintessential swoosh logo and got paid $35 for her work. The following year, in 1972, Davidson’s swoosh logo first appeared on Nike’s shoes. Thus, the Ξ 19.72 sale price is quite significant, giving a low-key nod to the history of Nike’s iconic “swoosh” symbol.
There’s No Stopping Nike and RTFKT
Nike bought RTFKT Studios in 2021, and since then, the two companies have been a force to be reckoned with in the NFT space. To this day, Nike’s CryptoKicks NFT sneakers remain one of the most popular and talked-about NFT reveals of the year.
Among RTFKT’s signature collections that are now technically under Nike is Clone X, a collection of 20,000 profile picture (PFP) NFTs. It is now considered an elite PFP NFT project.
A testament to Clone X’s popularity is the current AR experience with Clone X NFTs being hosted by the Gagosian Gallery in New York. Esteemed fashion brand Harvey Nichols also picked Clone X as one of the select collections in its blue-chip NFT store.
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