Nike Enters Web3, NFT and Metaverse Space with .Swoosh

Key Insights

• Nike launches .Swoosh, a web3 marketplace platform 
• .Swoosh will introduce virtual clothing for avatars that users can use in web3 games
• The web3 platform will offer polygon-based NFT products. 

Nike, a prominent sportswear brand, takes its quest to become a stakeholder in web3 a notch higher. It announced the launch of a new web3 platform called .Swoosh

This move comes a year after the sportswear brand acquired the RKTFK, an NFT and digital apparel company. Experts consider these moves as attempts by Nike to establish its brand in the web3 ecosystem. 

At this juncture, it is expedient to identify the details of the newly launched platform.

Nike Launches .Swoosh

Ron Faris, the General manager of Nike Virtual studios, announced the launch of .Swoosh, a web3 marketplace platform. 

This web3 platform will enable the digital community to purchase, sell and create virtual footwear. 

He said, “we are shaping a future marketplace with an accessible platform for the Web3-curious.” The launch of .Swoosh is to create a community of enthusiastic users about sports and the Nike brand. Ron Faris added that “this new space, the Swoosh community and Nike can create, share, and benefit together.”

Furthermore, the newly launched .Swoosh would offer Polygon-based NFT products. Nike plans to use the platform as a hub to introduce virtual clothing and sportswear. Avatars will wear these clothes, and users can use them in web3 games. 

Similarly, the platform aims to be the focal point of Nike’s digital initiatives. It will showcase all the brand’s NFTs, digital apparel projects, and how customers can participate and earn royalties. 

Interestingly, .Swoosh will deploy web3 technology to give community members access to tangible advantages. These advantages include special physical gear and conversations with professional athletes. 

Furthermore, registration to .Swoosh opens this month—  starting with the United States and some selected countries in Europe. Nike says it will grow the platform by inviting a community that will be “as diverse and equitable as possible.”

Conclusion 

Aside from the acquisition of RTFKT, the .Swoosh project is another milestone toward establishing the Nike brand in the Web3 ecosystem.  Nike said it would be dropping its first digital collection by next year. 

Similarly, the first set of collections will be shaped by the community. After that, members will be able to enter a community challenge. Winners can co-create virtual products with Nike and earn royalties on the product they create.