Nike, the world’s largest sportswear maker, has launched a new Web3 platform—.Swoosh to offer Polygon-based NFT products. The launch marks the storied brand’s foray into the non-fungible token (NFT) and metaverse space.
The .Swoosh platform is designed to highlight the brand’s NFTs and facilitate the launch of virtual apparel like T-shirts and sneakers for avatars to be used in Web3 games. The idea is to enable customers to become co-creators and share digital product royalties. It also utilizes Web3 capabilities to allow users to unlock real-world benefits such as exclusive physical apparel or chats with champion athletes.
The news was announced by the footwear and apparel firm on Twitter via RTFKT official account on 14 November. User registrations will be open from 18 November, according to Ron Faris, vice-president and the former head of Nike’s Snkrs app. RTFKT is a digital fashion and 3D creation studio, which Nike acquired in December 2021. Following this, Nike entered the metaverse game and also launched the virtual world Nikeland. Notably, .SWOOSH, RTFKT, and Nikeland use similar tools and blockchain technologies, but the company considers them as three different projects.
With .Swoosh as its designated platform, Nike announced that its first digital collection is set to launch on the Web3 platform in January 2023. While the launch underlines Nike’s presence as a leader in fashion NFTs alongside its rival Adidas, the .Swoosh is still in the beta stage. The firm said that it plans to expand the platform and user base for the rest of the year.
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According to Faris, who leads Nike’s blockchain, Web3, and metaverse initiatives, the .Swoosh platform will be a place for people to buy and trade phygital (physical and digital) and virtual products, unlock access to events and products, and co-create products. Nike’s NFT apparel will be minted on the popular Layer 2 blockchain Polygon. Nike’s previous NFT drops have all been launched on the Ethereum mainnet.
Besides, Nike and RTFKT have collaborated on Ethereum-based digital NFT sneakers called CryptoKicks. Moreover, Nike purchased the Ethereum Name Service (ENS) name dotswoosh.eth for about $35,000 worth of ETH in May. During the course of its Web3 expansion, Nike has generated $93 million in primary NFT sales and another $92 million worth of NFT trading royalties, according to public blockchain data aggregated by Dune.