Nike is one of the biggest sneaker, sportswear and apparel brands in the world. However, what fewer people may know, is the fact that Nike is also one of the biggest fashion-world players in Web3 through RTFKT. RTFKT is an NFT and digital apparel start-up that was founded in January 2020, and in late 2021, it was acquired by Nike.
It has been reported that “Nike has already made at least $185.3 million in revenue on Web3 products, and is leading compared to competitors Adidas, which has earned $11 million, and Puma, an estimated $1.3 million.“
We’ve already witnessed Nike and RTFKT bring Clone X and CryptoKicks into the market, but now, Nike aims to continue its decades of innovation by introducing a new platform called .Swoosh.
What Is Nike .Swoosh?
.Swoosh is going to be the standalone home for “all of Nike’s virtual and digital creations” according to the VP of Nike Virtual Studios, Ron Faris. So far, Nike’s digital creations have typically been interactive objects, such as virtual shoes or jerseys that can be worn as wearables in a video game or other immersive experiences like the Metaverse.
During a Rug Radio special event, Faris also stated that .Swoosh is being “designed to basically bring Nike into the future through the lens of Web3 blockchain.”
.Swoosh is going to begin as a place where you will be able to collect your favorite virtual shoes, jerseys, and accessories. Over time, the .Swoosh platform will evolve and transform into a home for Nike’s entire community to buy, trade, and co-create virtual products. As well as creating virtual products, Nike also wants to focus on bringing more people into the Web3 space. .Swoosh is being designed to appeal to traditional brand fans, rather than the crypto-literate early adopters and RTFKT’s existing community. The goal is to educate and onboard the Nike community, and not Web3 natives, to “level the playing field,” Faris says.
To achieve this, Nike Virtual Studios will be hosting events in six cities in the coming months to distribute access codes and focus on inclusion. These cities are Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville and New York. Faris explained that these cities have not been chosen for being technology capitals, but rather, cities that may not always have access to new innovations or technologies.
In this new world of .Swoosh, some of you “will get the chance to learn how to build virtual creations that can be worn in video games and experiences.” Also, the select few creators who win Nike’s community challenges will be able to earn a royalty for the virtual products they co-create with Nike.
How Can I Get Involved?
According to Vogue Business, Nike plans on gradually allowing new users into its closed platform through the end of the year, ahead of its first NFT drop and marketplace developments in January 2023.
Even though all of Nike’s Web3 drops have been on the Ethereum mainnet, .Swoosh will be on the Polygon network.
According to an article by Fast Company, Nike is planning on selling the digital sneakers for less than $50 a pair. This coming Friday (17th November), the registration will open for .Swoosh. The registration will be for people to secure their Nike domain, essentially their .Swoosh handle.
Nike .Swoosh will not be overseen by RTFKT as its previous Web3 ventures have been. For the first time, Nike is going standalone in Web3, and this has been confirmed in a thread by an RTFKT team member. Despite this, Faris stated, “we have learned so much from our friends at RTFKT. They’ve pioneered experiences in Web3 and frankly like for us written the blueprint for new ways to build digital experiences that connect communities like never before.”
The fact that a giant such as Nike is now entering alone is very bullish for the entire space. Recently, we’ve had Reddit, Disney, Nickelodeon, and more enter. This shift will help people to have trust and confidence in the Web3 industry, but moreover, Nike is actively focusing on education to help onboard its existing customer base and non-Web3 natives.
