The shoes were produced to commemorate the brand's Air Force One Low HTM "Crocodile style", because of the look of the leather, designed as a crocodile skin. The trainers were fitted with 18-carat gold tags when they were unveiled at Nike's Oxford Street branch in London.
Shops around the globe are now stocking the shoe, but only one pair in every size, with the display model kept in a glass cabinet. Reports suggest there are also plans to make a shoe from the skin of an anaconda.
Nick Rudge of the National Animal Welfare Society, said: "What a horrific and objectionable way of making money. It is fashion gone mad and no different to wearing fur."
Nike was recently revealed as the most highly branded organisation in the world by Brand Finance. Also included on the top 10 were Prada, Chanel and Estee Lauder with Adidas at tenth position.
Wieden & Kennedy's ad 'St Wayne' won critical plaudits and top honours at 北京赛车pk10's poster awards in October last year. It depicted Manchester United and England striker Wayne Rooney painted with the St George cross.