Nike Launches “MNLTH” NFT with RTFKT

Credit: Nike

Holders of RTFKT’s CloneX and PodX collections found a surprise in their wallets earlier this month: a gray box etched with inscriptions from Nike’s first NFT drop called “MNLTH.”

The box, still unopened as of this date, reportedly has undisclosed contents and has the markings of both Nike and RTFKT. The description of the collection on OpenSea says that the box is sentient and, as such, could be a dynamic non-fungible token, though what traits it possesses are still unknown.

RTFKT tweeted out a video of the box turning on February 5th with a line of Easter Island head emojis.

The collection’s floor price is currently trending at around 5 ETH (around $14,674), with 9.9K ETH volume traded and 8,700 unique owners. There are a total of 20,000 of these MNLTH boxes in the collection.

The airdrop is one of the first instances of utility for holders of RTFKT’s popular CloneX collection, which has above $300 million traded since the collection’s launch. And it bodes a new possibility for NFT collectors — rather than a static artwork or a utility token, the drop of an NFT which might change over time.

In a crowded NFT field full of copycat projects at the moment with similar roadmaps and utilities for their projects, MNLTH (pronounced “Monolith”) could prove to be a welcome change. It is also the first Nike official NFT, coming just a couple of months after acquiring RTFKT in a deal that catapulted RTFKT collections into the realm of “blue chips.”

Other Companies Follow Nike into the Metaverse

The drop also comes on the heels of a leaked Nike email stating the company is planning to start a “virtual division” in New York and Los Angeles to build Nike’s virtual products and experiences.

If the airdrop and other signs are any indication, Nike may be active in the metaverse and virtual goods sectors, producing sneakers, clothes, and other NFTs.

Nike’s splash into NFTs occurs as other companies are joining the fray as well. Just last week, McDonald’s filed 10 trademarks for applications relating to the metaverse, a term that refers to a shared virtual space where people can work, communicate, shop, and more.

Atari, the famous gaming company, has released a set of loot box NFTs (like with the RTFKT box, there’s no date set for the loot crate reveal), and several major brands, including the NFL, are hiring for metaverse positions.

While there are skeptics of the metaverse, some publications have noted that companies don’t want to be left behind and risk becoming the next Blockbuster.