👟 Nike NFTs run away

All Things Flooz newsletter is for innovators, creators and traders.


6 min read May 30, 2023

Talking points

  • 💨 Nike swoosh in

  • 🛡️ Exploits continue…

  • 🗺️ Binance pay-ving the way?

💨 Nike swoosh in

We’ve got another big shot company making moves in the Web3 space and this time it is Nike with their revolutionary .SWOOSH Web3 platform that has taken to the NFT market racking up an impressive $1 million in sales from its very first sneaker-themed non-fungible token collection.

Now, the overall outcome has been positive for Nike, but there were definitely some hiccups along the way and many users were left frustrated as a result. However, despite encountering a few technical issues and facing unexpected delays, the staggering sales figures confirm that the demand for stylish shoes in the Metaverse is soaring high.

The .SWOOSH (Yes, that is the name, we are not just adding a random dot before SWOOSH) team acknowledged the initial roadblocks, explaining in a tweet on May 24, "We ran into an unforeseen error that held up the minting process. This also blocked additional purchases." But fear not, loyal fans, because even with these minor setbacks, the allure of well-designed virtual sneakers remains unshakable.

Let's rewind a bit to the beginning of this thrilling journey. On May 15, the NFT sale kicked off with a bang, albeit a week later than originally planned on May 8. An exclusive group of lucky users, armed with coveted "posters" that granted them early access, were the first to dive into the world of .SWOOSH. Nike distributed a whopping 106,453 posters to its earliest .SWOOSH community members, igniting the flames of excitement.

Each of these awe-inspiring NFTs carries a price tag of $19.82, paying homage to the year Nike's iconic Air Force 1 sneaker was unleashed upon the world (That is 1982, for anyone that didn’t catch on). Crunching the numbers, it's safe to say that Nike's NFT sales have now likely surged past an incredible $1.4 million. We can just picture the dollar signs appearing in the Nike sales team eyes right now.

Cast your minds back to November 2022 when Nike first unleashed the game-changing .SWOOSH Web3 platform. Their was a vision to offer virtual sneakers priced under $50 per pair, Nike set out on a mission to introduce millions of people to the thrilling world of web3 and digital assets.

RTFKT, the genius minds behind NFTs and digital sneakers for the metaverse (later acquired by Nike), described .SWOOSH as an extraordinary gateway to make Nike's virtual creations more accessible to all.

They aim to onboard the next wave of millions into the wonderful world of web3 and digital assets. And here we are, witnessing the fulfilment of that ambitious vision!

So, dear friends, if you think the world of Web3 is slowing down, you should think again, as we are just getting started!

🛡️ Exploits continue…

The Arbitrum-based Jimbos Protocol is currently navigating through treacherous waters after its Version 2 (V2) fell victim to a jaw-dropping $7.5 million exploit over the weekend.

But fear not, for the Jimbos team is determined to right this wrong. They've enlisted the help of seasoned security researchers who have a proven track record of recovering colossal sums, including over $200 million for Euler Finance.

These digital detectives are working around the clock to reclaim the lost funds and bring the elusive attacker to justice. And mark your calendars because the clock is ticking as they have threatened to release the exploiters details to the police if the funds are not returned.

So, how did this daring escapade unfold? Late on Saturday, Jimbos suffered a staggering loss of 4,090 Ethereum. Security analysts wasted no time pointing fingers at the lack of slippage control in the main contract, which acted as the Achilles' heel in this unfortunate incident.

Exploiting this vulnerability, the cunning attackers executed a flash loan worth a mind-boggling $5.9 million. With their strategic maneuvers, they manipulated the prices of Jimbo (JIMBO) and swiftly made off with the project's hard-earned treasury funds.

It's a classic tale of cunning and deception in the world of decentralized finance.

The Jimbos Protocol had ambitious plans to introduce a semi-stable token backed by a basket of crypto assets. Traders were lured by the captivating concept, especially considering the brief successes witnessed by similar projects. Alas, this exploit has thrown a wrench into their noble aspirations, casting a shadow of doubt over the project's future. But rest assured, the Jimbos team is not one to back down easily. They are evaluating all their options, brainstorming ways to bounce back stronger than ever before.

Now, let's dive into the world of flash loans… a favored tool for audacious attackers seeking to exploit the vulnerabilities of decentralized finance (DeFi) systems. These loans provide a gateway for traders to borrow unsecured funds directly from lenders using smart contracts, eliminating the need for intermediaries.

The beauty of flash loans lies in their collateral-free nature, as the smart contract only considers the transaction complete when the borrower repays the lender. This safety net ensures that if a borrower defaults on a flash loan, the smart contract cancels the transaction, and the funds are returned to the lender.

We are certainly still seeing many exploits within the crypto world, but the good sign is that there is almost always an option for these exploits to be resolved, plus the more exposure now, perhaps the less often it occurs in the future when adoption is significantly increased?

🗺️ Binance pay-ving the way?

Have you heard of Binance pay? Well, you will today as they are set to expand even further by moving into African, Asian and Eastern European countries.

So, what is Binance Pay?

In simple terms, it is the payment arm of the renowned cryptocurrency exchange Binance, and is bridging the gap between digital currencies and everyday transactions in African, Asian, and Eastern European countries.

Since its launch in 2021, Binance Pay has attracted a staggering 30 million users in specific regions, successfully onboarding major online merchant platforms and brick-and-mortar retailers onto its payment rail.

But that's not all! Binance Pay has also joined forces with WooCommerce, a popular e-commerce plugin used by approximately 40% of global websites.

This strategic partnership allows cryptocurrency enthusiasts to make payments with over 70 different tokens, thus allowing even further adoption for cryptocurrencies.

By partnering with WooCommerce, Binance Pay taps into a vast network of merchants, paving the way for cryptocurrency-powered transactions on a massive scale. Pakning Luk who is the regional business development lead highlighted the significance of remittances and online shopping as key use cases for Binance Pay's user base in Africa, South Asia, and Eurasian countries within the Commonwealth of Independent States.

And guess what? Binance Pay isn't just limited to online purchases. Users can even pay for their rides with popular car-hailing services like Uber, Bolt, and Grab through Binance Pay's integration with an aggregator.

Now that, is convenience on the go!

Luk also said that Binance Pay is not looking to directly compete with the giants of the payments industry such as Paypal and is instead focused on developing relations and partnerships with current and future participants, but also noted that they would welcome a strategic working relation with payment companies to further increase the outcomes for all users if possible.

Speaking of the competition, PayPal has already ventured into the cryptocurrency space, enabling users to purchase Bitcoin and other digital assets with fiat currencies. The spotlight on the cryptocurrency industry has intensified following the collapse of FTX and a handful of lending companies in the space, leading to increased regulatory scrutiny.

Further to this, Luk also pointed out that compliance is still the key to all of their operations and that they want regulations to be in place and abided by as it not only protects them but it protects all of the users too, which seems to be the biggest problem currently, and area they want to eliminate.

With Binance Pay paving the way for widespread cryptocurrency adoption in various regions, we can't help but wonder what the future holds. Will more merchants hop on the crypto bandwagon? Will global players like PayPal embrace the world of digital currencies through strategic partnerships? As always, let’s embrace what we have and see what happens in good time.

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