What are the Nike’s Cryptokick sneakers?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

This week, we are taking a deeper look at how brands are tapping into crypto culture. First up: Nike and their Cryptokicks.

Cryptokicks were a collection of 20,000 virtual sneakers that Nike sold earlier this year. You heard that right - not actual sneakers you can wear, but digital sneakers.

So why would anyone want those? It helps to understand the collectible sneaker market a little bit. For years, people have been collecting real Nike sneakers - not to wear them, but to own them as collectibles.

As the sneaker market heated up, so did the NFT market. And Nike saw an opportunity to combine the two. After all, why not go all digital if the sneaker wasn't going to be worn anyhow?

And it worked. One of Nike Cryptokicks was sold for $134,000.

That was Cryptokicks! And tomorrow we'll talk about crypto-inspired jewelry that Tiffany recently released.

And if you want to hear all 5 episodes for this week already now: Consider supporting us on Patreon where you get early access - check out patreon.com/cryptoinplainenglish

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.