By
Chimamanda U. Martha
April 25th, 2024
The RTFKT marked a significant momentum when it collaborated with NFT artist FEWECiOUS and sold $3.1 million in metaverse kicks.
Nike’s web3 arm, RTFKT, has bought Ethereum Name Service (ENS) domain dotswoosh.eth for 19.72 ETH, nearly $35,000. Following the latest purchase, RTFKT now owns 10 ENS domains. Other ENS domains that RTFKT owns include artifacts.eth, rtfkt.eth, skinvial.eth, and drmos.eth. Others are mintvial.eth, dreamos.eth, spacedrip.eth, dripcoin.eth, and m2tekno.eth.
RTFKT Buys New ENS Domain
Although there has been some speculation on Twitter (NYSE: TWTR), there are no specific details on why RTFKT acquired dotswoosh.eth. Some Twitter comments suggest that Nike may want to issue ENS subdomains in the future as it has amassed a number of ENS. As such, holders of certain NFTs or other digital assets may be able to register an ENS subdomain under dotswoosh.eth.
All of Nike’s RTFKT ENS domains appear to point to a larger picture. Space Drip is likely a reference to Nike’s Space Drip NFTs. These collectibles are digital shoes that permit holders to “forge” a physical version of the sneakers. Meanwhile, there is also a CloneX Mint Via Ethereum NFTs that can burn to create a unique CloneX avatar NFT. The Skin Vials are also collectibles that can burn to alter the look of cryptoKicks, which RTFKT launched in April.
The footwear giant took its first step into the metaverse, and NFT acquired RTFKT in December last year. At the time of purchase, Nike President and CEO John Donahoe said the action accelerates the company’s transformation. He added:
“We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”
The RTFKT marked a significant momentum when it collaborated with NFT artist FEWECiOUS and sold $3.1 million in metaverse kicks.
Nike Sues StockX
Nike has made it a responsibility to combat unofficially licensed Web3 assets. Earlier this year, the company sued sneaker retail brand StockX for marketing and selling unauthorized images of Nike shoes as NFTs. Nike said StockX infringed and diluted its trademarks by minting “Vault” NFTs. According to the lawsuit, StockX went further to sell the footwear at “heavily inflated prices.”
“Nike did not approve of or authorize StockX’s Nike branded Vault NFTs. Those sanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks.”
The complaints included that StockX has dented Nike’s global reputation and confused its consumers.