Leading global sportswear company Nike has further deepened its crypto experience with the launch of its virtual sneaker and trading platform called Swoosh, Bloomberg reported Monday.
The sports giant entered the metaverse world last year by acquiring a digital design studio called Rtfkt in December, where users can create non-fungible tokens (NFTs) through new Web 3 technology.
Nike’s Swoosh to House Branded Merch
According to the report, Nike plans to make some of its branded virtual products available on Swoosh. These products include digital sneakers, apparel, and accessories and come in various tie-ins. The company generated $185 million in revenue on NFT sales, surpassing other notable fashion brands such as Dolce & Gabbana (D&G), and Tiffany & Co.
Although the company is not selling anything on Swoosh yet, some of the digital products may unlock access to real or physical products outside the platform. They may also offer users exclusive entry to live, real-life events.
The company plans to develop a strong Web 3 community that will someday allow software developers to work alongside its Rtfkt designers to craft unique digital products. The creators will be compensated in the form of royalties generated from the sale of the products.
“It will be a place where our community can come in and co-create that future with us. You can collect, trade, and flex Nike virtual products. You can go to IRL events with your token-gated virtual creations.” said Ron Faris, head of Nike Virtual Studios.
Nike to Launch First NFTs on Swoosh Next Year
Faris disclosed that the platform is currently in its pilot phase and will officially start operations on Friday. However, only users with special access codes can access the platform. Registration starts November 18, and the first-ever NFTs will be launched on the platform next year in January.
“We’re entering a test-and-learn phase. We don’t know quite yet what the behavior will be that consumers will have with the virtual product,” said Faris.
The sportswear giant is focused on introducing the product category to potential clients in underdeveloped regions. Nike plans to go on a six-city tour to educate shoppers on web3 and blockchain technology.
Users can purchase their favorite items on the platform using U.S. dollars and make payments using a credit or debit card, just like on the official Nike platform.
The decision to sell the products using fiat aims to reduce the market fluctuations associated with cryptocurrencies and enable inexperienced customers to navigate the platform without hurdles. However, with time, users can purchase items and connect their crypto wallets on the platform.
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