Nike enters the Metaverse with .Swoosh platform for its Virtual Products


Well-known sportswear brand Nike announced the launch of .Swoosh (pronounced “dot swoosh”), a new metaverse platform from Nike Virtual Studios that will house the brand’s virtual apparel, footwear and accessories.

.Swoosh Platform

Using blockchain technology, the platform allows community members to collect and exchange Nike’s virtual creations.

Members will also be able to wear the virtual apparel in games and metaverses. The virtual products come with an accompanying utility.

Community members will be able to unlock access to physical products, attend events IRL with their virtual creations with tokens or have direct conversations with athletes or designers.

Operating within Nike Virtual Studios, led by CEO Ron Faris-former vice president of Nike’s own shopping app, SNKRS- .Swoosh looked to RTFKT for best practices in launching a metaverse project.

Faris said .Swoosh will be Nike-only, and its pitches will be wearable by RTFKT’s CloneX avatars.

“When you think of a product as a virtual shoe, it’s not just a shoe; it’s the product, utility and the experience itself. We don’t see that virtual product as the end of the buying journey; it’s the beginning of the journey,” Faris told Business Vogue.

Registration on the platform, which launches this Friday, begins today for those who have been invited to access the website via an access code.

Nike selected the first tranche of participants by prioritizing local communities that the company supports in its diversity, equity and inclusion initiatives, starting with the United States and some countries in Europe.

On Friday, users with access codes will be able to claim their .Swoosh domain by registering their domains, which will become their digital identity within the Nike metaverse.

Nike and Web3

In May, Nike purchased the dotswoosh.ethereum Name Service (ENS) domain for 19.72 ETH, approximately $38,000 USD at the time.

Nike’s NFT-related product has generated the company more than $185 million in revenue, with CloneX NFT avatars accounting for half of that revenue.

Through RTFKT, Nike also earned $1.29 billion in secondary rights. This demonstrates the success of Nike’s Web3 strategy, which the Swoosh will expand.

With the platform, Nike hopes to bring its own customers, who may be less Web3 savvy than RTFKT’s existing base, into Web3.

In the coming months, Nike will host events in Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville and New York to distribute access codes, educate non-native Web3 users, make the platform more inclusive and level the playing field.

In 2023, Nike will release its first digital collection for .Swoosh, created by the platform’s community.

And after the first digital collection is released, members will be able to participate in a challenge to win the opportunity to co-create virtual products with Nike and earn a royalty on the virtual product they help co-create.

Starting in the new year, users will be able to purchase the digital products, minted at Polygon, with a credit or debit card.

Nike plans to sell the pair of digital shoes for less than $50.

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