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Nike To Launch Web3 Platform: .SWOOSH

Nike
Nike

Nike said SWOOSH will be a marketplace for virtual products on blockchain.

Most of the Brands are shifting to the Web3, be it be Gucci, burberry, Balenciaga and the list continues. Nike is not lagging behind and has announced to launch its own Web3 platform, .SWOOSH. This will allow users to buy, sell and and even design the virtual apparel and shoes. The NFT market has hit $25 billion worth of trading volume in 2021. With thism Nike made its first recognisable push into the virtual space by acquiring RTFKT  in December last year.

According to the announcement by Nike, the platform has been developed for “Nike Members to learn about, collect and eventually help co-create virtual creations, which are typically interactive digital objects such as virtual shoes or jerseys.” Registrations for the platform .Swoosh will start later this month, November and the first digital collection will be released in 2023. Nike’s entry into non-fungible tokens (NFT) begins a year after it purchased the RTFKT studios. It is Web3 set up that makes apparels for the metaverse. 

The idea is to make the audience the co-creators and give them the opportunity in the future royalties in sale of NFTs with every sale. Initially, the opportunity will be only given to few brand loyalists who will register to drop their NFT creations for sale. This concept lets users to create, buy, sell, and design together in the virtual environment. Nike will also use Web3 to provide users with real-world benefits which could range from talk with athletes or exclusive physical apparel. This idea is in line with the adidas’s offering of real-world perks.

The NFT apparel collection of Nike will be minted on the well known blockchains such as Polygon, Ethereum. According to an article in Fast Company, Nike plans to sell digital sneakers for less than $50 a pair, which is a big relief to the investors planning to purchase Nike’s apparels.

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