RTFKT MNLTH Floor Price Plunges Following Recent CryptoKicks Announcement!
RTFKT Announcement With Cryptokicks
Recently, through their Twitter account, RTFKT and Nike formally announced the launch of their first “native web3 sneaker,” the CryptoKicks iRL.
Our next-gen innovation drop
Cryptokicks iRL 👟⚡️
1st native web3 sneaker
Combining decades of @Nike tech 👨🔬
& RTFKT vision to merge worlds 🌎🌐
Details & FAQ: https://t.co/0I5cwrd8bb pic.twitter.com/A1jP8xg0NZ
— RTFKT (@RTFKT) December 5, 2022
Despite this exciting announcement however, the team has been receiving heavy criticism from their community, who have argued that their CryptoKicks & MNLTH announcements make no sense.
Many argue that they find it unfair that holders of the MNLTH 2 NFTs, which is essentially a mint pass for the Cryptokicks IRL, will still have to pay an additional fee to mint the CryptoKicks.
Aside from that, there were also a lot of complaints that the RTFKT team had only revealed then that the physical sneakers could only be forged and shipped to US citizens due to “advanced tech and product regulation.”
Worst part is they are only available in the USA meaning anyone outside cannot have them delivered. This is unacceptable in my opinion – I’m sure the community will find a way to help each other out but it really shouldn’t have to come down to this. Also what if…
— RIDDLΞR (@RiddlerNFT) December 5, 2022
MNLTH Price Plunges
With so much backlash and criticism following the announcement, the RTFKT x Nike MNLTH NFTs saw their floor price sink considerably. According to data from CryptoSlam, the MNLTH 2 saw its floor price fall by up to 52% within the past 24 hours, now trading at a floor price 0.09 ETH at the time of writing.
These numbers are a massive drop considering the fact that the MNLTH 2 had been seeing massive trading volumes within the past week. According to data from DappRadar, the MNLTH NFTs had been seeing their trading volume surge by more than 1000% within the past 7 days.