WGMI WEDNESDAYS

GM folks

The WGMI Wednesday newsletter brings you a healthy dose of WGMI energy every single Wednesday, and today is going to be no different. Here’s what we’ll be talking about:

  • Nike launches a Web3 platform called “.SWOOSH”
  • Businesses can now accept USDC with Apple Pay
  • Bored Ape Yacht Club floor price is up 20% in one day
  • Cristiano Ronaldo is dropping a “CR7” NFT collection

Nike Launches .SWOOSH

Nike Launches Swoosh

 

Nike is launching a Web3 platform and ecosystem called ‘.SWOOSH‘. Dot Swoosh will be the home of Nike’s ‘virtual creations’.
 
Virtual creations are interactive digital objects (like virtual shoes or clothes) that can be worn in video games and other online experiences.
 
The first collection is expected to drop in January 2023.
 

What can you actually do in Nike’s Web3 world?

  • Wear and show off your virtual creations.
  • Buy, sell and trade Nike virtual creations with other .SWOOSH members on the .SWOOSH marketplace.
  • Learn about Nike’s new digital world, and even how to make 3D virtual creations of your own.
  • Partake in creative challenges. The winners will be given the chance to co-create with Nike and earn a royalty for every virtual product they help design. With Nike raking in $1.29 billion in secondary royalties through RTFKT, giving co-creators royalties is nothing to be sniffed at.

How is this related to RTFKT?

The NFT natives amongst you will know Nike has already established itself as a leader in fashion NFTs, in large part through its acquisition of RTFKT last year.

.SWOOSH, however, is a standalone Web3 strategy that is not connected to RTFKT. The difference is that .SWOOSH has been designed to be easily understood and accessible to non-crypto-natives. For example, they are using the term ‘virtual creations’ rather than NFTs.

Nike is trying to create a space that allows new Web3 entrants to enjoy the benefits and value of Web3, without actually knowing they are in Web3. Looks like someone was paying attention to the Reddit ‘digital collectibles’ success.

Sounds interesting, how can I get involved?

On November 18th, .SWOOSH registration will open at welcome.swoosh.nike.

The platform is in Beta, so Nike will only be bringing members onto the platform in low numbers at first. You’ll need an access code to create your .SWOOSH account. If you don’t get one at first, you can join a waiting list.

Even if you’re not interested in creating virtual trainers and clothes, it’s a great example of a high-quality brand experimenting with Web3 as a form of community engagement. Certainly something to keep on your radar.

Apple Pay Supports USDC

Lemonade Accepts USD
Circle, the issuer of USDC, has announced an integration with Apple Pay. You may have heard of it… it’s a payment service with over half a billion users around the world.
 
The benefits of the integration are two-fold:
  • For traditional businesses: Can now accept USDC as a payment using this new feature.
  • For crypto-native businesses: Can now accept traditional payment methods in addition to crypto.
 
Circle isn’t stopping there. In addition to recently adding merchant support for Bitcoin and Ethereum, it is continuing its hunt for partnerships to integrate more payment methods in the future.
 
Circle is trying to build a world where stablecoins can become true digital cash that enables the frictionless exchange of value on a global scale. It’s starting to look a little more than just a pipe dream.

Bored Ape Yacht Club Makes A Mighty Revival

BAYC Safe from Implosion
In the aftermath of the FTX bankruptcy, Bored Ape Yacht Club looked like it was in trouble.

General crypto-cynicism together with swirling rumors that BAYC had some treasury funds in FTX weighed heavy on the floor price. It even briefly dipped below 50 ETH yesterday. It looked like a 40ETH floor was imminent.

But if we’ve learned one thing from the last year, it’s don’t fade the apes. Swathes of the ape community considered this nothing more than an opportunity to buy the dip.

The reaction? They bought ~80 Apes in one day. That is the most sales in a single day since the Otherdeed drop.

 
In turn, the floor price has rebounded over 20% and is back up to around 60 ETH at the time of writing.

Cristiano Ronaldo Drops NFT Collection

Ronaldo Drops NFT Collection

Cristiano Ronaldo is dropping a CR7 NFT collection on Binance on Friday, Nov 18.

The NFTs represent iconic moments from Ronaldo’s playing career. It will feature 6,645 NFTs across four different rarity tiers:

  • 5 Super Super Rare NFTs: English auction with a starting price of 10,000 BUSD (Binance’s stablecoin, equal to $1). Let’s all take a moment to realize how lazy the name of this $10,000 NFT is. 
  • 40 Super Rare NFTs: Starting price of 1,700 BUSD.
  • 6,600 Rare and Normal: Can be purchased for 77 BUSD.
  • The NFTs come with a variety of perks including a message from Ronaldo, autographed merch, access to future drops, etc.

Worst-timed NFT drop in history?

I’m all for introducing NFTs to a broader audience. However, there are a number of reasons this could possibly be the worst-timed NFT drop in history:

  • You may have noticed we’re in a brutal bear market. It was exacerbated only last week by the implosion of FTX. The floor price of almost every major NFT project has been heavily hit. Not exactly the best time to conduct auctions for ‘5 Super Super Rare NFTs’ starting at $10k. Moonbirds, y00ts, VeeFriends, and Cool Cats are all considerably cheaper.
 
  • The collection is launching on Binance, which has been caught slap-bang in the middle of the FTX drama. Binance isn’t responsible for SBF’s industry-scale fraud, but the context does make an NFT drop seem a little trivial.
 
  • Cristiano Ronaldo is in the middle of a PR shitstorm. A number of poor performances mean he hasn’t been making the team at Manchester United. To force a transfer, he did an interview with Piers Morgan to bitch about United. Ronaldo has annoyed a lot of United fans, and will receive a £1 million fine from the club for the interview.
  • You might think just before a World Cup is the perfect time for a soccer
    player’s NFT project. However, the controversies surrounding the Qatar
    World Cup mean this World Cup just doesn’t have its usual shine.


Regardless, CR7 has an impregnable fan base (especially in Portugal). It wouldn’t be the least surprising if, despite the circumstances, we see this project hitting the back of the net. SIIUUU.

 

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