Nike’s OF1 NFT Collection Surpasses $1.4 Million in Sales, Despite Technical Challenges

Nike’s Web3 platform, “.SWOOSH,” made a splash in the digital world with the release of its highly anticipated NFT sneaker collection, “Our Force 1 (OF1),” on May 15th. The platform’s foray into the world of non-fungible tokens has garnered significant attention, with total sales reaching approximately $1.4 million to date.

The sales of Nike’s NFT collection have been estimated at around $1.45 million, and the sale is set to continue until June 1st, or until the remaining inventory of approximately 30,000 items is sold out. The sale has been divided into two stages, with a pre-sale that commenced on May 15th, followed by the general sale on May 24th.

The initial inventory for the OF1 NFTs consisted of 106,453 tokens, and as of the morning of May 27th, more than 73,000 NFTs had already been purchased by 42,470 different addresses. Each OF1 NFT was priced at $19.82, a figure derived from the year of the original release of the iconic Air Force 1 sneaker.

Nike celebrated the launch of its new virtual sneaker as a success; however, the release of the OF1 NFTs on the .SWOOSH platform was not without its challenges. Technical problems plagued the platform, leading to confusion among some users.

On May 24th, the first day of the general sale, the .SWOOSH team took to Twitter to address the issue, stating, “An unexpected error halted the minting (NFT issuance) process, which prevented additional purchases.” As a result, more than a third of the OF1 NFTs remain available for sale.

Originally scheduled for May 8th, the first OF1 sale faced delays when .SWOOSH announced on May 7th that it would be postponed to improve the user experience. When the pre-sale finally began on May 15th, the website encountered frequent downtimes and the NFT issuance process was unstable for several hours.

Recognizing the technical challenges, Nike extended the pre-sale and postponed the general sale on May 16th. The .SWOOSH team took to Twitter again, announcing, “The early access sale has been extended to the end of May 17th, giving us plenty of time to participate.”

Despite the setbacks, the general sale commenced on May 24th; however, the website faced processing delays yet again. Some users reported receiving only two boxes of OF1 NFTs despite purchasing three. In response, .SWOOSH explained that an “unexpected error that delayed the issuance process” was to blame for the discrepancy.

On May 25th, Nike took to Twitter to share the positive news that over 55,000 OF1 boxes had been sold to more than 30,000 unique buyers, lauding the sale as a resounding success. Nike executives also commended .SWOOSH for its adept handling of the remarkable traffic influx.

Despite the technical hiccups, Nike’s entry into the world of NFTs through the .SWOOSH platform has clearly generated significant interest and sales. The company’s innovative foray into the decentralized web and the digital collectibles market is a testament to its ongoing commitment to embrace emerging technologies and engage with its passionate fanbase in new and exciting ways.

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