Nike deepens its web3 presence with .SWOOSH platform

Nike deepens its web3 presence with .SWOOSH platform
Ryan is a senior editor at TechForge Media with over a decade of experience covering the latest technology and interviewing leading industry figures. He can often be sighted at tech conferences with a strong coffee in one hand and a laptop in the other. If it's geeky, he’s probably into it. Find him on Twitter: @Gadget_Ry

Nike is going deeper down the web3 rabbit hole with the unveiling of its own platform.

The iconic brand is launching .SWOOSH (pronounced “dot swoosh”), a platform where fans can buy – and even co-create – virtual items.

“Web3 digital technology has opened the door for creators and collectors like never before (shoutout to our friends and mentors at RTFKT for leading the charge and helping us understand what’s even possible),” the company explained in a blog post.

“Like any new sport we’re all learning, it’s all about the ‘athlete mindset’: practice, persistence, failure, and evolution. We hope you join us on this journey as we build our relationship with our community in a way where everyone can win.”

Virtual items purchased on .SWOOSH are essentially NFTs (Non-Fungible Tokens) which use the Polygon blockchain to prove ownership. 

While most NFTs are just virtual art, recently we’ve seen them being used for more tangible purposes. For example, holders of certain NFTs can access exclusive areas in restaurants, attend special events, and have early access to new services.

Items on .SWOOSH are part of this next generation of NFTs. Customers will be able to wear their purchases across supported digital games and experiences.

“We are shaping a marketplace of the future with an accessible platform for the Web3-curious. In this new space, the .SWOOSH community and Nike can create, share, and benefit together,” said Ron Faris, GM of Nike Virtual Studios.

Nike was one of the earliest, and most successful, investors in web3 technologies.

In December 2021, Nike acquired NFT studio RTFKT. Collections that have launched since that acquisition include Cryptokicks, which consists of 20,000 virtual trainers. One of the NFTs from that collection sold for $134,000 alone.

According to Dune Analytics, Nike has made over $185 million so far in NFT revenue. With that in mind, it’s no wonder that Nike is looking to build on its web3 success with the launch of its own .SWOOSH platform.

.SWOOSH officially launches in beta on 18 November 2022.

(Image Credit: Nike)

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