Morning Minute | Nike Sells Over $1M in Digital Shoes

Morning Minute | Nike Sells Over $1M in Digital Shoes


Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:

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NFT Total Volume

NFT Floor Price Increase

Upcoming NFT Mints

TylerD's Market Summary

But has the .SWOOSH debut been a success? Let's look at the numbers. Plus Binance wants your blue chip NFTs.

๐Ÿ‘Ÿ Nike .SWOOSH's Debut

It has been well-documented that the NFT market is a slump and most buyers have left the market.

Yesterday around 7,500 unique wallets traded an NFT on ETH (likely less than 5k actual unique humans), and only 1,700 used the leading marketplace Blur.

That didn't stop Nike from reaching over 30,000 users with its Our Force 1 launch, generating over $1M in revenue in the process.

But how impressive is that?

By The Numbers:

A few key stats from the first day of Our Force 1 day 1 sale (previewed here back in April):

  • 55,000+ OF1 boxes sold at $19.82
  • $1.09M in revenue
  • 30,000+ unique .SWOOSH member buyers
  • 106,453 OF1s available

On the surface those numbers look pretty solid, selling over 51% of a huge supply - in a brutal NFT bear market.


Win or Loss?

The argument against its success is that .SWOOSH has 350,000+ in the program, so less than 10% of members bought this genesis launch - and of course, that it hasn't sold out yet.

That's not great, but I'm still counting it as a win.

This was a gated launch. I signed up for .SWOOSH personally months ago and still haven't gotten in to the program, and I would've max bought the shoe allocation (of 4).

If this sale was open to the public, it feels likely it would have fully sold out.

There also does not appear to be a secondary marketplace or area to view the shoes that have been bought so far.

The whole drop feels fairly "black box"-like, and it has been hard to follow as an outsider (other than updates from the .SWOOSH twitter).

So to recap this situation, Nike sold $1M in virtual shoes with a gated sale and with no secondary marketplace.

Imagine when their infrastructure is fully operational and open to the public.

๐Ÿคฏ Binance Enters the NFT Lending Game

While the Nike news was big, arguably the biggest NFT headline of the day came from Binance.

The world's largest crypto exchange in Binance is getting into the NFT lending game.

The program, called "Binance NFT Loan " will allow "blue chip" NFT holders to borrow ETH against their assets.

What counts as "blue chip"?

Initial projects include:

  • BAYC
  • MAYC
  • Azuki
  • Doodles

With promises of more coming soon (can I ask how Doodles snuck in there?).

The mechanic will be peer-to-pool, with Binance acting as the pool.

Binance's goal? To become "a one-stop shop for NFT trading and financial services for our community."

Why Does It Matter?

Binance is the biggest player in crypto, and they're getting deeper into NFTs.

And the key here is the mechanic they're using - peer-to-pool.

This means they'll put up the capital - and get the NFTs in case of default.

An NFT bull might interpret this move as a sign that Binance wants to start building larger NFT positions, albeit at a discount (getting NFTs through defaulted loans).

Perhaps because CZ knows that China is coming soon?

Though we don't know their true motives at this time, it's hard to make a bear argument for this news.

Now we will wait and see how much volume they are able to capture.

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

  • Trading volume fell to just 11k ETH on Tuesday, as the PFP market once again saw a mix of red/green
  • Jack Butcher's Checks Elements auctions ended yesterday afternoon after heated bidding wars, with the lowest winning bids across collections coming in at 1.88 ETH, 2.22 ETH and 3 ETH for "Complete", "Compound" and "Composite"
  • Opepens soared 25% to a 0.77 ETH floor after Jack announced that releases 003 and 004 are coming today, with speculation that Geometric Pepe artist Batzdu is invovled
  • Bitcoin personality/influencer BitGod launched a BRC-20 $OXBT yesterday which saw over $1M in volume and placed 2nd in Cryptoslam's daily volume board
  • Leading AI art projects from Braindrops saw an uptick this week following the Art Blocks run, led by Claire Silver's Genesis and LIWA
  • Speaking of, Claire Silver's collab with RSTLSS called Pixelgeist sold out yesterday, jumped 19% to a 0.18 ETH floor and saw top sales at 3 ETH
  • Kanpai Pandas unveiled "Kanpai Media" as their new content hub, focused on areas like gambling, crypto, sports and more
  • NBA Top Shot debuted their 2022 Legendary Rookie Packs yesterday, selling out their supply of 1,350 packs for $499 each
  • Magic Eden introduced its Chapter II initiative, which includes Solana NFT aggregation, enhanced composability and negative maker fees (traders get paid to list and offer)

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

๐Ÿš€ NFT Total Volume

  • MAYC (2,600 ETH, 9.53 ETH)
  • Milady (1,492 ETH; 3.35 ETH)
  • Wrapped Cryptopunks (1,141 ETH, 50 ETH)
  • Pudgy Penguins (1,047 ETH, 5.13 ETH)
  • Azuki (750 ETH, 14.5 ETH Floor)

๐Ÿ“ˆ NFT Floor Price Increase

  • Hape Prime (48%, 0.55 ETH Floor)
  • Imaginary Ones (35%, 0.78 ETH)
  • Opepen (25%, 0.77 ETH)
  • RSTLSS x Claire Silver (19%, 0.18 ETH)
  • Redacted Remilios (16%, 1.1 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a slower day of drops but a few highlights.

Jack Butcher is doing today's Meme card, fresh off his massive success in the Checks Elements auction. This may be the highest profile card of SZN3, and with supply of just 360, it should perform well on secondary.

Then caligraphy artist Sarah Script is doing an open edition at a relatively low entry - one to watch for Sarah fans.

  • Memes by 6529 (11:00 a.m. ET); 0.06529 ETH

Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email

For all volume and floor price data, see Lucky Trader's Project Rankings page.

For all upcoming mints, see Lucky Trader's Project Schedule page.

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