Nike Will Launch Its Own Platform For Web3 Wearables

Snorlax

Nov 15, 2022•2 min read

Nike Will Launch Its Own Platform For Web3 Wearables

Nike is already one of the most successful companies in web3. It is now promoting virtual shoes and other things on its own platform.

.Swoosh (pronounced "dot swoosh"), which is currently in development but is set to unveil its first digital collection next year, will allow Nike fans to collect and even co-create virtual things with the corporation.

According to a business release, members of the community will be able to wear the products in digital games and immersive experiences "soon."

"With an accessible platform for the web3-curious, we are establishing a future marketplace." "In this new environment, the .Swoosh community and Nike can collaborate to create, share, and benefit," said Ron Faris, General Manager of Nike Virtual Studios.

It debuted its experience in November 2021 on the increasingly busy gaming platform Roblox, getting over 26 million visitors to date. It purchased NFT studio RTFKT the following month and has been putting out compilations ever since.

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 area last December by purchasing RTFKT (pronounced "artifact").

Nike and RTFKT have since collaborated on Ethereum-based digital NFT sneakers called CryptoKicks, which can be customized with Skin Vial NFTs. In May, Nike paid approximately $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.

Among the 20,000 virtual sneakers in the Cryptokicks collection was one NFT that sold for $134,000.

According to Dune Analytics statistics, Nike generated a total of $185 million in NFT sales. This included $93 million in main sales income and $92 million in royalties.

Other businesses interested in the metaverse pale in comparison. Dolce & Gabbana's NFT income was $24 million, while Tiffany's was $13 million. The same data set, however, shows that Nike has been impacted by both the bad market and the growth of optional royalties. Revenue has declined from previous highs to a peak in April 2022.

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