🎙️How Nike Plans To Double Revenue With NFTs | Pod 183
The RTFKT acquisition and what it means for Nike's metaverse plans
What’s up everybody, it’s LG Doucet here.
I’ll just get straight to it.
When Clone X came out, I thought they were ugly af. And honestly I still kind of do! They look like rejected pixar characters.
So when they launched last year, I really didn’t take them - or their parent company, RTFKT - very seriously. It seemed overhyped.
And that’s an opinion I held up until just a few weeks ago. An opinion I held through their multiple, beautiful designed airdrops. Through their ascent to the #6 spot on OpenSea’s all time volume chart. And even held through their acquisition by Nike.
But ‘tis my opinion no more.
After digging into the last few years of this nascent NFT startup, I can say that I am now a fan of what they’re doing. The design. The community. The collabs. The pioneering idea that sneakers can be just as cool in the metaverse as they are IRL.
And that I also believe Nike’s acquisition of the design studio is perhaps their greatest one yet, and could one day rival and also top their Jordan brand.
👟Today’s Pod: How Nike Plans To Double Revenue With NFTs
So today’s pod touches on a few pieces of this story.
What exactly is RTFKT, and did they go from internet basement project to Nike acquisition in literally less than two years?
What was Nike thinking, and how does this align with something they call the “Consumer Direct Offense”, which they launched in 2017.
What is the ceiling for digital sneakers, and how RTFKT has already pushed through it and is set to redefine ecommerce as we know it.
The numbers to look for in this one:
$1.32 Billion The total secondary volume of all RTFKT NFT collections to date
6th place: The ranking that CLONE X occupies in total all time OpenSea volume ($755M or 236,000 ETH), right behind Azuki and just ahead of Moonbirds.
66% of sales: How much of Nike’s annual revenue comes from footwear
$50 Billion: Nike’s expected revenue in 2022.
30% penetration: Nike’s stated target for how many of their sales take place on digital platforms by 2023 (they’ve already hut 50%!)
$1.8 Billion: The marketplace volume of StockX in 2020, a collectible reselling site that prominently features Sneakers.
🏆ICYMI: Why The Chicago Bulls Are Winning At NFTs
Your favorite childhood team is deep into NFTs, and they are NOT messing around.
On last week’s pod, we went straight at the Chicago Bulls, and picked apart their history as the scrappy degens of the NBA.
Heck, we even spoke to their head of content, and got the inside scoop on how exactly the Bulls do business, and what drives their innovation in marketing.
FOMO warning: its gonna make you want whatever they drop next, even if the Bulls aren’t your current team.
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To prep for the drop, header over to Hro.gg
✨Top Hits of 2022
We’ve recorded a lot this year. Here are the top downloaded pods on TFM so far.
🔥 The Blog That Blew Up NFTs | Jonathan Bales
🔥The Future of Crypto Influencers | Space Cowboy
🔥 The History of Crypto Winter
🔥 Crypto Portfolio 101 | Scott Melker
**This is not financial advice. Nothing in this newsletter, podcast, or publication should be considered financial or trading advice of any kind. Please do your own thorough research and make your own trading decisions. This is not advice.”
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Great deep dive on the evolution of Nike. People are sleeping on how big of a bet they are making on digital. Their shift to a technology company ethos started several years before the NFT craze, RTFKT acquisition. We are barely scratching the surface of them executing on it. The first step was turning around their DTC business. From here, look out world.