Nike continues to expand its reach into the metaverse with the introduction of a new platform called “.SWOOSH.” The “Community Experience” platform will offer Polygon-based NFT Nike products and provide a home for the sportswear brand’s virtual items, including footwear, apparel, and accessories. Notably, here, users will eventually be able to create virtual products and collaborate with Nike designers and be able to earn royalties from sales.
Nike Expands Metaverse Ecosystem with .SWOOSH
As one of the most iconic brands in the world, Nike has millions of fans around the world. Over 900 million Nike products are sold each year, and in 2021/22, Nike had revenues of $47.149 B.
Recently, Nike has been embracing web3 technology and finding new ways to use it with its brand. In 2021, Nike acquired RTFKT, a well-known web3 brand focused on digital sneakers. Since then, they have been developing some incredible virtual sneakers.
Additionally, the company will soon launch IRL Cryptokick Sneakers, which blend web3 with reality.
Now, Nike is taking a big step forward with the .SWOOSH platform. This new ecosystem will enable Nike to create new ways to engage with consumers and provide a cornerstone for the future of the company and its digital technology initiatives.
"This acquisition is another step in accelerating Nike's digital transformation, enabling us to serve athletes and creators at the intersection of sports, creativity, gaming and culture," Nike CEO John Donahoe said in a statement.
Nike Virtual Studio to lead new project
The team behind the Nike .SWOOSH platform is the newly formed Nike Virtual Studios. This unique division is an independent entity within Nike with a central goal of growing the Nike brand in web3, NFTs, and the metaverse.
Nike Virtual Studios has a unique design team focused on creating virtual Nike products. In addition, the RTFKT team will also help Nike expand its web3 business.
“This will be a place where our community can come and engage and co-create the future with us,” said Ron Faris, general manager of Nike Virtual Studios. “You can collect, trade and display Nike virtual products. You can go to IRL events with your token-gated virtual creations.”
New Nike web3 platform currently in beta invitation phase
What will the Nike .SWOOSH platform offer?
Most importantly, the new Nike platform is a way for Nike to create and offer web3 virtual goods to its massive user base. For example, these virtual versions will be wearable items for RTFKT clone avatars.
In the future, consumers will be able to use these items, such as T-shirts and sneakers, in video games. Users will also receive special access and content, as well as the ability to pre-order new drops.
Consumers will help create virtual items on the .SWOOSH Nike platform. In the future, there are plans to allow users to participate in the design process and even collect royalties for their creations. This is an exciting announcement that will open up a world of opportunities for creators.
The Nike .SWOOSH platform is currently in an invite-only beta phase, but it will be interesting to see what happens next. Nike says they will have the first virtual products available on the platform in January 2023.
Finally, as one of the most influential brands in the world, this is a big moment for the web3 space. Hopefully, it will encourage other companies to experiment with web3 technology as well.
