Nike Ventures Into Web3 with Its new .SWOOSH Platform

• The .SWOOSH is for trading and purchasing digital collectibles as well as a Web3 education resource.
• Users of the platform will be able to make their own collections there.

Nike, the world’s largest athletic apparel company hopes to intensify it with the introduction of a new platform .SWOOSH. The platform is positioned as the focal point of Nike’s Web3-related digital initiatives. It is intended to draw attention to the company’s NFTs and virtual apparel initiatives, as well as upcoming opportunities for customers to participate in the creation of new products and earn royalties.

According to Nike, its Web3-related digital initiatives are centered on the .SWOOSH platform. It is intended to draw attention to the company’s virtual clothing and NFT activities, as well as potential opportunities for customers to participate in the co-creation of new products and receive a share of the royalties.

Now Users Can Create Their Collections

Nike will use the platform as a central location to introduce avatar-specific virtual clothing, such as t-shirts and footwear. Users will be able to access real-world advantages like special physical apparel or conversations with professional athletes by using Web3 technology. Other well-liked NFT initiatives, like one from Adidas, include tangible goods or practical benefits. Nike’s NFT clothing will be produced on the Polygon, an Ethereum sidechain network, as opposed to the previous Nike and RTFKT drops, which were all released on the Ethereum mainnet.

Over the past few years, Nike has steadily moved to increase the scope of its Web3 strategy. The sneaker giant recently acquired digital fashion startup RTFKT Studios to create non-fungible tokens (NFTs) internally. This comes after Web3 sneakers, dubbed “CryptoKicks,” were tested with an RFID lab in March 2020 and a patent for them was filed in December 2019. RTFKT x Nike Dunk Genesis CryptoKicks, the company’s brand of metaverse sneakers, was introduced in April.

Prior to the first collection drop in 2023, the .SWOOSH platform, which is now in beta, will open up registration by the end of November.