Nike unveils .SWOOSH, a web3-enabled platform that promotes athletes and serves the future of sport.
SWOOSH will enable Nike Members to discover, acquire, and eventually collaborate on virtual creations.
Nike acquired Web3 studio RTFKT in 2021 and introduced virtual Nike sneakers as Ethereum NFTs in April 2022.
RTFKT, the NFT and digital apparel firm it acquired in late 2021.
Also, we've seen the apparel giant steadily integrate its own brand into the field as well. Now, Nike intends to increase its efforts with the debut of a new platform, Dot-SWOOSH (.Swoosh).
The .Swoosh platform is marketed as the hub of Nike's digital efforts centered on Web3. It is designed to highlight the brand's NFTs and virtual apparel projects, as well as future opportunities for customers to become co-creators and share digital product royalties.
Nike will use the platform as a gateway to develop virtual gear for avatars such as t-shirts and sneakers that can be used in Web3 games. It will also leverage Web3 technology to enable users to gain access to real-world perks such as exclusive physical gear and chats with pro athletes. Other notable NFT projects, such as one from Adidas, include physical gear or real-world benefits.
As per reports, the business intends to progressively allow more users into the closed platform until the end of the year, ahead of the first NFT drop in January 2023. Nike intends to begin registration for users later this week.
Nike's NFT apparel will be minted on Polygon, an Ethereum sidechain network, in contrast to prior Nike and RTFKT drops, which were all released on the Ethereum mainnet. reports highlighted that Nike intends to sell digital sneakers for less than $50 per pair.
In a press release, Nike Virtual Studios GM Ron Faris stated, "We are developing a future marketplace with an accessible platform for the Web3-curious. In this new environment, the Nike and the Swoosh community can collaborate to create, share, and benefit."
An RTFKT spokesperson noted in a tweet thread that the studio is not in charge of the Swoosh project, but that it is assisting Nike as it goes further into Web3. Nike will also release digital apparel for RTFKT's CloneX NFT avatars, which users will be able to wear in supported Web3 gaming and metaverse worlds.
An NFT is a blockchain token that can represent ownership of a one-of-a-kind digital item such as a profile photo (PFP) or avatar, collectibles, or digital clothes. The NFT industry is expected to reach $25 billion in trading volume by 2021, and Nike made its first substantial move into the space last December by acquiring RTFKT.
Nike and RTFKT have since worked on Ethereum-based digital NFT sneakers dubbed CryptoKicks, which can be customized with Skin Vial NFTs. In May, Nike paid around $35,000 ETH for the Ethereum Name Service (ENS) name dotswoosh.eth. An ENS name can be used to direct traffic to a cryptocurrency wallet or specific types of websites.
RTFKT is best known for its CloneX PFP project, which was developed in partnership with renowned artist Takashi Murakami and is set to debut in November 2021. As per reports, the project has generated $762 million in secondary market trade activity to date.
According to public blockchain statistics, Nike has generated $93 million in core NFT sales and another $92 million in NFT trading royalties. The majority of that money came from CloneX and other non-Nike-branded RTFKT releases.
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