Clothing giant Nike has launched a new Web3 platform called .Swoosh that will offer Polygon-based NFT products.
The firm acquired RTFKT’s Web3 studio in 2021 and released Nike’s digital sneakers as an Ethereum NFT in April.
Nike has been one of the biggest players in the fashion world in Web3 via RTFKT, NFTs and launch of digital clothing purchased at the end of 2021and we saw the clothing giant gradually bring your brand also into space. Now Nike is looking to step up its efforts with the launch of a new platform, .check mark.
The .Swoosh platform is considered the epicenter of Nike’s digital Web3 efforts. It is intended to highlight NFT and the brand’s virtual clothing initiatives, including future ways for customers to become collaborators and share royalties for digital products.
Nike will use the platform as a hub for launching virtual clothing 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 get real benefits such as exclusive physical wear or chats with professional athletes. Some other popular NFT projects, including one of the adidas— come with physical clothes or real privileges.
The company plans to gradually admit new users to the closed platform before the end of the year, ahead of the first NFT crash in January 2023. Fashion Business. Nike plans to open user registration later this week.
Nike NFT apparel will be minted on Polygon, the sidechain of the Ethereum network, while previous releases of Nike and RTFKT were launched on the Ethereum mainnet. BUT fast company The article suggests that Nike plans to sell digital sneakers for less than $50 a pair.
“We are shaping the marketplace of the future with an accessible platform for those interested in Web3,” said Ron Faris, general manager of Nike Virtual Studios. “In this new space, the .Swoosh and Nike community can create, share, and benefit together.”
AT tweet thread, a spokesperson for RTFKT explained that the studio is not overseeing the .Swoosh project, but is helping Nike further expand it into Web3. The company added that Nike will release digital clothing for RTFKT CloneX NFT avatars, which these wearers can then use in supported Web3 games and metaverse worlds.
Grab your highs 👟 + BRING 👏🏽 YOUR 👏🏽 👏🏽 GAME 👏🏽@nike builds your web3 experience exclusively #on the polygon 💪🏾
This is the first step in the journey and we can’t wait to see how Nike engages with their community through #web3https://t.co/bk19RLNodX
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. NFT Market rose to $25 billion trading volume in 2021, and Nike took its first significant step in that direction with the acquisition of RTFKT (pronounced “artifact”) last December.
Since then, Nike and RTFKT have collaborated on Ethereum based digital NFT sneakers called CryptoKicks, which can be modified with the NFT Skin Vial. Nike acquired Ethereum Name Service (ENS) name dotswoosh.eth worth around $35,000 in ETH in May. The name ENS can be used to refer 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 launched in November 2021. According to data from CryptoSlam.
According to public blockchain data collected through DuneTo date, Nike has earned $93 million in NFT primary sales and another $92 million in NFT trading royalties. Much of this revenue came from CloneX and other non-Nike-owned RTFKT releases.
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