NEW YORK (MainStreet) – Sportswear giant Nike launched a new product Wednesday and announced within eight minutes that the product was entirely sold out.

So, what is this product that caused such high demand?

The company first announced the FuelBand on Jan. 19, and the product takes its Nike+ line of products to the next level. The band, which costs $149, fits around your wrist and measures your activity throughout the day, much like a pedometer. However, instead of just measuring steps, the FuelBand calculates time active, calories burned, steps taken and what the company calls “NikeFuel” - an activity measurement that the company touts as "the ultimate measure of your athletic life."

This isn’t the brand’s first foray into activity-measurement tools. It offers a LiveStrong SportBand and a Nike+ SportBand for $59 on its website and allows users to track their activity using a Nike+ sensor that is inserted into a pair of Nike shoes, which then tracks the progress of the wearer and communicates with the wristband. The FuelBand takes the sensor out of the equation and instead operates on its own.

The FuelBand works in tandem with apps and NikePlus.com to allows users to track the “NikeFuel” goals that they have achieved. The display is also an upgrade, with 20 color LED lights showing users how close to their goal they’ve gone each day. The white LED lights on the device will display the time, the NikeFuel earned, calories burned and steps taken. The other plus to the device is that it can be plugged into a computer using its USB to charge.

It’s no surprise that the product was met with high demand. Nike created its own Twitter account to promote the “Fuel” campaign and it currently has close to 29,000 followers.

For consumers who want a FuelBand, but didn’t get their hands on the first batch, the product’s Twitter feed said a new batch of FuelBands will be replenished soon.

Some Twitter personalities were critical of Nike’s release of only a small batch of FuelBands.

“It’s almost like Nike are drumming up interest in the Fuel Band by creating artificial demand. How very Apple!” @_TomByrne_ tweeted.

Do you think the release of the FuelBand is a publicity stunt or has Nike just hit a home run with its new product? Tell us in the comments section below.