[Short #154] Mistakes Pt. 2: RTFKT Followup

PLUS: 🖼 A framework for evaluating value

Yesterday I broke down RTFKT’s US-only mistake with their Cryptokicks IRL drop. I didn’t plan on it, but here’s a followup as this is an ongoing situation.

RTFKT shared an update regarding the US-only shipping situation riiiight before I published the piece.

RTFKT @RTFKT

We know that the MNLTH2/Cryptokicks iRL (CiRL) drop wasn’t up to our standards, so we worked on how we can do things better now, after listening to your feedback. 👇🏻

TLDR of what RTFKT is doing to rectify the US-only shipping situation:

• The next stage of the MNLTH reveal, MNLTH X will be airdropped to all qualified wallets next week

• Regulatory restrictions prevented the Cryptokicks to be shipped internationally (likely due to lithium battery or something similar)

• RTFKT will launch the RTFKT Interdimensional HUB service

  • If someone doesn’t have a US shipping address, they will mint a Hubbed NFT

  • Hubbed NFT holders have until May 1st, 2023 to find a US shipping address

RTFKT’s speed of response has been impressive. They took approximately a day to agree upon a response and communicate it to the community. The response doesn’t solve the core issue, but materially adjusts parameters around it (time).

Earlier this morning RTFKT announced that raffle registration for the Cryptokicks went live.

RTFKT @RTFKT

Public mint draw registration for Cryptokicks iRL 👟⚡️ Now open at RTFKT.com Until 9 Dec 11am EST ⏱️

All is well, right…? Yes and no. As always, replies are a great way to measure community sentiment. What were some of the replies that received the most engagement?

lockedin1000 @lockedin1000

@RTFKT I love these shoes. I love what you guys are doing with cryptokicks irl. Its just sad that these weren’t inside the mnlth and instead a coupon to purchase them for resell value essentially? so @Nike can profit more? Why not reward the holders. So many royalties from mnlth

ArchNemesis @ArchNemesisETH

@RTFKT Public? But only if you can prove you're wealthy enough.

sticko.eth @sticko_eth

@RTFKT You guys are really gonna ignore the FUD and just go through with this? Wow.

In true web3 fashion, others have made memes to make fun of the situation. This guy is a holder as well, nice to see that the community has a sense of humor around the situation 😂

HoloRolnik.eth 🧷🦧 🇩🇪🇺🇦 Stop The War @holorolnik

🚨 NEW ALPHA LEAK 🚨 Prototype of MNLTH3 RLRKICKS by @RTFKT Innovative LEDTECH from 10 years in the future and RLRS to glide in for the Metaverse! Public Sale: 1200$ With MNLTH3: 1199$ Unfortunately you can order only if you're born on 23.08.1993 and are resident of Vatican.

Others remain (understandably) critical:

itsphil.nft @NotTheDrPhil

I think @RTFKT is greatly underestimating the damage from the mnlth This is the first time I’ve thought about selling it all, and I know I’m not alone

Bringing back the iceberg analogy I introduced it feels like this is what happened:

Before the catalyst issue

Catalyst Issue introduced (Cryptokicks IRL launch with US-only shipping)

Catalyst Issue addressed

RTFKT has addressed the catalyst issue of US shipping, only to have other issues rear their ugly head as evidenced in the replies.

Why is the ‘US Shipping Only’ issue not removed from the iceberg stack?

The issue is mitigated, but not resolved. Holders who purchase the Cryptokicks will still need to find a US shipping address.

Regarding the perception of greed issue, it does seem like there are plans to address this too:

It’s clear that the RTFKT team is aware of and is actively thinking about the other issues in the iceberg, but will it be enough?

When it rains, it pours. We’ll see what umbrellas the team pulls out to weather the downpour. For now, it’s a good start. There’s more work to do to regain the trust of the overall community 💪

On a related note, it seems that Nike is rolling out deeper integrations with RTFKT, starting with the Nike SNKRS app (Nike’s app for sneaker enthusiasts).

A framework for evaluating value

My buddy LJW shared a value framework in his publication

Life in Color

that I really like.

This reminds me of Level 1 of my Utility framework:

When thinking through utility:

• WHY are people buying?

  • For the Product: Utility (Functional)

  • For the Creator: Fandom (Emotional)

  • For the Culture: Ideology (Emotional)

• HOW is the value (Financial) evaluated?

  • Objective

  • Subjective

As explained in the past, the motivations aren’t mutually exclusive. It’s inevitable for a community to have members with varying motivations, and each of those members can have a mix of each motivation.

Understanding the layers of this is key 😉

See you tomorrow!