Nike has announced .SWOOSH, its new Web3 platform where fans can buy, sell, trade and create virtual products such as sneakers and hoodies. On .SWOOSH, Nike’s digital items can be worn for online gaming and other immersive experiences.
With this launch, Nike is hoping that users not only buy and sell, but also participate in co-creating digital products from which they can receive a percentage of the royalties. At the moment, .SWOOSH is in beta testing where potential users are creating their own domains within the platform. Before collections are up for sale, Nike will go on a six city US tour to host events around Web3 education. Following this, they plan to start experimenting with product sales, and phygital activities. The first drops from .SWOOSH are expected to come out in 2023.
You could argue that Nike is the world’s leading mainstream brand in terms of NFT adoption and revenue generated from NFTs so far. By acquiring the NFT fashion brand RTFKT in 2021, Nike acquired one of the most influential startups in Web3. Since then, Nike x RTFKT have launched several NFTs, including CryptoKicks, a combination of NFT digital sneakers and accompanying physical sneakers. With the latest creation of .SWOOSH, this indicates the single biggest move from Nike so far in aiming to make NFTs and other digital products a priority for the overall business.