SNEAK PEEK
- Nike has launched .Swoosh, a new Web3 platform to provide Polygon-based NFT goods.
- The platform’s first drop is planned for January 2023.
- Nike owned RTFKT in 2021 followed by launching digital Nike sneakers in the form of Ethereum NFTs in April.
Nike, one of the biggest players in the world of fashion in Web3 via RTFKT, the virtual apparel and NFT startup owned by the former in late 2021. Nike now has the goal of moving ahead with the launch of .Swoosh, a new platform.
The platform is promoted as Nike’s core for the digital efforts based on Web3. It will spotlight Nike’s NFTs as well as digital apparel initiatives which also includes future ways for customers to transform into co-creators besides share in digital product royalties.
The platform will be used by Nike as a hub for the release of virtual apparel such as sneakers and t-shirts for avatars that can be utilized in Web3 games. Moreover, it will use Web technology to enable users to dive into real-world benefits like unique physical apparel or chats with professional athletes.
Based on the firm’s plans, users will be allowed in the closed platform by the year end prior to a NFT drop in January 2023. User registrations will begin later this week.
The NFT apparel of Nike will mint on Polygon though earlier Nike and RTFKT drops were launched through the Ethereum mainnet. According to an article by the Fast Company, Nike is planning to sell digital sneakers below $50 a pair.
Ron Faris, Nike Virtual Studios GM, said that they are shaping a futuristic marketplace with an approachable platform for the Web3-curious. He added that in the new space, both Nike and .Swoosh community can make, share as well as benefit together.
A RTFKT representative shared that the studio is not supervising the .Swoosh project, but is helping Nike to outgrow ahead in Web3. Also, Nike will launch digital apparel for CloneX NFT avatars of RTFKT to be utilized by owners in supported metaverse worlds and Web3 gaming.
Grab your kicks 👟
— Polygon – MATIC 💜 (@0xPolygon) November 14, 2022
+ BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike is building their web3 experiences exclusively #onPolygon 💪🏾
This is the first step of the journey, and we can’t wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX
In 2021, the NFT market grew to a trading volume worth $25 billion and Nike moved into the space upon acquiring RTFKT last December. Since then, Nike and RTFKT have partnered on CryptoKicks, the Ethereum-dependent digital NFT sneakers, which are possible to modify upon utilizing Skin Vial NFTs. Nike bought Ethereum Name Service named dotswoosh.eth for ETH worth $35,000.
RTFKT is popular for its CloneX PFP project, created in partnership with Takashi Murakami, a noted artist and was released in November 2021. Until now, it has made secondary market trading volume of around $762 million.
Meanwhile, Nike has made primary NFT sales worth $93 million to date with NFT trading royalties worth $92 million. Most of the revenue was earned from CloneX and various other non-Nike-branded RTFKT releases.
