It is the first time in the awards' 54-year history that the NYF executive jury selected just one entry to win the title.
The United States scooped the most Gold World medals with nine, while the UK received just one Gold Medal as did Finland, Singapore and The Netherlands.
Australia was awarded seven Gold World medals, Germany six, Argentina, France and Sweden each received three and Japan was awarded two medals.
In addition to The World's Best Idea award, Nike was awarded Advertiser of the Year, BBDO was awarded Network of the Year, and Leo Burnett Sydney was given the title of Agency of the Year.
The objective of the 'Write The Future' campaign was to weave Nike into conversations taking place around the World Cup. The campaign featured sport stars including Cristiano Ronaldo, Wayne Rooney and Kobe Bryant.
Mark Bernath, creative director on the 'Write the Future' campaign and current co-executive creative director of W+K Amsterdam, said: "We'd like to give a big thank you to the New York Festivals' jury for the Grand Award. New York is tough enough as it is, so being honored in such a way feels properly special."
BBDO was awarded with title of Network of the Year, receiving three Gold World Medals, 18 Silver, 38 Bronze and 72 finalist certificates.
David Lubars, chairman and chief creative officer at BBDO North America, said: "We're humbled by this recognition. We want to thank our many clients for demanding our best."
Agency of the year Leo Burnett Sydney also received four Gold World Medals, five silver, two bronze and ten finalist certificates.
The New York Festivals Lifetime Achievement Award was presented to Keith Reinhard, chairman emeritus of DDB Worldwide, for his contributions to the advertising industry.
Commercial and film director Bob Giraldi and commercial film editor Bob Carr were each awarded with a NYF Living Legend Awards, which recognises prominent industry luminaries that have advanced the field of advertising.
New York Festivals International Advertising Awards announced its 2011 award winners on 5 May at the Skylight West in New York City.