Last week marked a historic moment with the launch of the virtual RTFKT Nike Dunk Genesis sneakers. This release signifies the emergence of a new form of luxury, known as digital luxury 3.0. This concept combines the traditional values of luxury with the unique aspects of Web3.
One of the fundamental values of luxury is exclusivity, and Nike has mastered the art of creating a culture around exclusive drops. To own an RTFKT Nike Dunk Genesis, one must be the owner of another NFT, specifically the MNLTH. This requirement adds an additional layer of exclusivity to the sneakers.
Scarcity is another prominent value in the luxury industry. Unlike traditional luxury brands like Chanel or Saint Laurent, where distribution figures are often undisclosed, Web3 operates on the principle of transparency. In the case of the RTFKT Nike Dunk Genesis, the collection is limited to 20,000 copies. While this may not seem extremely scarce at first, it is expected that future drops will create more demand for these limited sneakers.
Social status plays a significant role in the luxury world. The Dunk Genesis immediately captured the attention of crypto collectors as it marks the first collaboration between Nike and RTFKT. Furthermore, sneaker enthusiasts have the opportunity to acquire virtual skins for these sneakers, ensuring that they stand out from the crowd.
Expensiveness is often associated with luxury, and the RTFKT Nike Dunk Genesis is no exception. These prestigious pairs come with a hefty price tag of €6,000, emphasizing their exclusivity and high-end status.
Access difficulties are inherent to NFT projects, often posing challenges for those unfamiliar with the technology. To acquire an RTFKT Nike Dunk Genesis, individuals needed to own an NFT from the CloneX collection, created in collaboration with renowned Japanese artist Takashi Murakami. This requirement enhances the success and value of the sneakers on the secondary market.
Uniqueness is a crucial aspect of luxury, and RTFKT has introduced an innovative approach with the “EVOX” series of skins. These skins follow the concept of a video game skill tree, allowing users to evolve their sneakers visually. With eight initial skins and plans for more to come, this showcases the creativity and uniqueness of the digital luxury market.
Craftsmanship has always been synonymous with luxury, and digital luxury is no exception. RTFKT’s 3D designs exhibit a new form of craftsmanship that is essential to the realm of digital luxury, known as “digital crafting.” These visually captivating designs add an extra layer of value and artistry to the virtual sneakers.
Community is key in the Web3 era, combining both exclusivity and collective engagement. RTFKT has fostered a vibrant community on Discord, boasting an impressive 163,000 members. This community serves as a platform for organizing 3D design contests, allowing chosen creators to earn a percentage of NFT sales. It also serves as a space for RTFKT to identify promising talents in digital craftsmanship. Moreover, RTFKT has announced plans to involve the community in the creation of skins for the Dunk Genesis, further enhancing the sense of belonging and co-creation.
The RTFKT Nike Dunk Genesis represents the birth of a new luxury paradigm, known as 3.0 luxury. It embraces the values of traditional luxury while embracing the unique aspects of the digital world. This evolution marks an exciting time for the luxury industry, and we can expect to see more innovative concepts and collaborations in the future.
If you want to delve deeper into the links between Luxury, NFT, and the Metaverse, we invite you to join us on Thursday, May 5, 2022, at 6 pm for the ULTIMZ Journal’s free webinar. This webinar will feature industry experts discussing these topics in detail. More information about the speakers and registration can be found on our dedicated page. [Link 1]
