April 14, 2024

Fashion Giant, Nike, Launches NFT Marketplace, Swoosh.

Global fashion giant, Nike, has just recently launched its NFT platform aptly named .Swoosh (pronounced Dot Swoosh) in resonance with its trademark swoosh logo. This was made known via a tweet from a Rtfkt studio communications handle. Recall that Nike has made a lot of moves in the fashion aspect of the metaverse lately, one of which is the purchase of Rtfkt studio.

Nike Wants to Open the Doors of Fashion in the Metaverse to Users

After Nike’s bold positioning as a forerunner in the fashion world offline, online, and in the metaverse, Nike is now prepared to inculcate its raving fan base into its web3 plans with the launch of this NFT platform .Swoosh. 

It will be operating under Nike Virtual Studios, which is currently run by Ron Faris, and will be known as the home of Nike’s virtual creations. This will allow users interact, trade, co-create, and collect digital assets which can unlock various utilities, products, and events.

While describing Nike’s plans for the NFT platform, Ron Faris stated that the virtual assets which will be available for trade on .Swoosh will not just be products but “products with the experience, service, and/or utility” combined. This means that these digital products would also have perks and utilities which they offer the holders to back up their value.

Nike and Rtfkt Pioneering Fashion Experiences in the Metaverse

Nike’s big strides in the metaverse have been closely tied to Rtfkt, which shows that their purchase of the virtual sneaker studio last year was a wise move. Statistics show that up to 50% of Nike’s enormous $185.3 million revenue from web3 products have come from Rtfkt’s NFT sales, so it is evident that Rtfkt has been instrumental in their web3 travails.

But with the .Swoosh project, Ron Faris has revealed that although ideas and experience in this industry has been valued and applied, Nike is planning to build the NFT platform without the prevalent influence and community of Rtfkt.

This means that Nike would be focusing their own community which would most likely not be as crypto-savvy as Rtfkt, ensuring that they tap into a fresh part of their web3 market share.

Even the roadmap on .Swoosh’s website (swoosh.nike) shows that December 2022 would be used to educate the community about .Swoosh, before the first digital asset collection would be launched in January 2023. All eyes would be on .Swoosh to see what Nike has in store for their users, creators, and the overall web3 community.

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