After NFT success, Nike launches its Web3 platform for virtual creations
Nike has just launched its Swoosh website earmarked to be the home of the company’s Web3 creations. Currently, the site is by invitation only, although anyone can apply for access, and registration on the waiting list opens on Friday 18 November.
Nike launches its Web3 Space
On Monday, November 14, Nike launched its Swoosh website, albeit in a closed beta. Currently, people can register on the website with their Nike account and get on the waiting list for the invitation to the Web3 space. According to the company, the Swoosh leans heavily on the experience of RTFKT — the creator of virtual sneakers and collectibles acquired by Nike in 2021 — but is a separate project.
Nike has not yet set an exact date for the launch of the first Swoosh collection, but explains that it will happen soon. The collections will be usable in various Web3 games and “immersive experiences,” and owners will “also unlock benefits for you in the physical world, like access to IRL products and exclusive events.”
Nike promises that their collectibles will be varied and will range from very affordable to very expensive with some free drops planned. Nike reportedly bought the ENS domain for their Swoosh website in May and paid for it with 19.72 ETH (around $38,000 at the time). Registration opens on the website from Friday 18. November.
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Nike’s successful foray into digital assets
Nike’s story with the Web3 started back in 2019 when it registered a patent signaling its intention to symbolize shoe ownership. It expanded its reach in mid-2020 when it chose Plutus – a London-based Fintech company known for converting fiat to cryptocurrencies at zero fees – as a business partner.
The shoe giant expanded its presence in the Web3 world once again when it acquired RTFKT – a natural choice since the latter company made its name creating sneakers and similar collectibles for the Metaverse. The partnership has been quite successful for Nike as it generated $185 million in revenue – nearly $100 million of that amount in royalties alone – by August 2022.
Nike is far from the only traditional company interested in Web3 and the wider cryptosphere. Addidas joined its competitor as early as 2021, and other companies like Crocs and Walmart made their own moves in mid-2022. Even LG got into the NFT business in September 2022 when it launched a non-fungible token marketplace on some of the TVs.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
