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Nike, a global leader in athletic footwear, announced the launch of .SWOOSH (pronunciation: "dot swoosh") on Monday, a new platform designed to foster a community around its digital wearables to mark the brand's entry into the Web3 space.
.SWOOSH Network for Trading Digital Items
Nike stated that .SWOOSH will be a network for trading and purchasing digital items like virtual shoes and jerseys and a resource for Web3 education. The business claims that users may wear these products while playing video games and engaging in other intensive activities. Users can also establish their own collections on the platform with the help of .SWOOSH, which will enable them to get royalties from those collections. According to a news statement from Ron Faris, general manager of Nike Virtual Studios, athletic footwear is creating a future marketplace with an approachable platform for Web3-curious people. He further stated that the network community and Nike can develop, share, and profit together in this new arena.
Nike’s NFT Revenues and Beta Testing
According to the information posted on Dune Analytics, Nike has made $185 million in NFT revenue. The primary sales revenue accounted for $93 million, while royalties contributed $92 million. In preparation for its first collection drop in 2023, the platform, which is now in testing, will allow registration starting at the end of November.