Apparel giant Nike has launched a new Web3 platform called .Swoosh that will offer polygon-based NFT products.
The firm acquired Web3 studio RTFKT in 2021 and released digital Nike sneakers as Ethereum NFTs in April.
Nike has been one of the biggest players in the fashion world Web3 through RTFKT, the NFT and digital clothing start-up acquired at the end of 2021and we have seen the clothing giant gradually bring your own brand also into the room. Now Nike aims to step up its efforts with the launch of a new platform, .Swoosh.
.The Swoosh platform is considered the epicenter of Nike’s digital efforts around Web3. It is designed to spotlight the brand’s NFTs and virtual apparel initiatives, including future ways for customers to become co-creators and share in digital product royalties.
Nike will use the platform as a hub to launch virtual apparel such as t-shirts and sneakers for avatars that can be used in Web3 games. It will also use Web3 technology to allow users to unlock real-world benefits, such as exclusive physical apparel or chats with professional athletes. Some other popular NFT projects—including one from Adidas– come with physical clothing or real-world benefits.
A teaser image of Nike’s .Swoosh platform. Image: Nike
The company plans to gradually let new users onto the closed platform through the end of the year, ahead of a first NFT drop in January 2023, according to Vogue Business. Nike plans to open up user registrations later this week.
Nike’s NFT apparel will be minted on Polygon, an Ethereum sidechain network, while the previous Nike and RTFKT drops have all launched via the Ethereum network. ONE Fast company the article suggests that Nike plans to sell digital sneakers for less than $50 a pair.
“We’re shaping a future marketplace with an accessible platform for the Web3 curious,” said Nike Virtual Studios GM Ron Faris, in a release. “In this new space, the .Swoosh community and Nike can create, share and benefit together.”
IN a tweet thread, an RTFKT representative clarified that the studio is not overseeing the .Swoosh project, but is assisting Nike as it expands further into Web3. The company added that Nike will release digital clothing for RTFKT’s CloneX NFT avatars, which those owners can then use in supported Web3 games and metaverse worlds.
Take your kicks 👟 + BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike exclusively builds their web3 experiences #onPolygon 💪🏾
This is the first step in the journey and we look forward to seeing how Nike engages the community through it #web3
An NFT is a blockchain token that can represent ownership of a unique digital item, such as a profile picture (PFP) or avatar, collectibles, and digital clothing. The NFT market increased to $25 billion worth of trading volume in 2021, and Nike made its first significant push into the space by acquiring RTFKT (pronounced “artifact”) last December.
Since then, Nike and RTFKT have collaborated on Ethereum-based digital NFT sneakers called CryptoKicks, which can be modified using Skin Vial NFTs. Nike bought Ethereum naming service (EN) name dotswoosh.eth for around 35,000 USD in ETH in May. An ENS name can be used to point to a crypto wallet or certain types of websites.
RTFKT is best known for its CloneX PFP project, which was created in collaboration with renowned artist Takashi Murakami and was launched in November 2021. To date, the project has generated approximately $762 million in secondary market trading volume, per data from CryptoSlam.
According to public blockchain data collected via Dune, Nike has so far earned $93 million in primary NFT sales and an additional $92 million in NFT trading royalties. A majority of this revenue came from CloneX and other non-Nike branded RTFKT releases.
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