Nike Will Soon Debut Web3 Platform “.Swoosh”
- Nike is all set to debut an online store and trading platform for virtual sneakers called “.Swoosh” as the executives of the platform aim to invest more money into the Web3 space.
- The company will debut company goods on the platform like Polygon (MATIC)-based NFTs, allowing users to collect and showcase their purchases to the entire world.
- The buyers of digital goods debuted by the company will be able to unlock access to real-world events, bring the goods into games, and gain other rewards as well.
Nike, the world’s largest sportswear company, is all set to debut an online store and trading platform for virtual sneakers as the executives of the platform aim to invest more money into metaverse, blockchain, and Web3 spaces. The US-based company aims to take advantage of the budding industry which is still in its beginning stage and aims to compete with rivals like Adidas.
The new platform has been named .Swoosh and as per Bloomberg, Nike will debut company goods on the platform, allowing users to collect and showcase their purchases to various people. Interestingly, Faris also revealed that, in the near future, the users of the platform will be able to connect their wallets to the trading platform so that the digital goods could be sent to other marketplaces as well.
“We’re entering a test-and-learn phase,” Ron Faris, head of Nike Virtual Studios, said. “We don’t know quite yet what the behavior will be that consumers will have with the virtual product.”
The registration for the .Swoosh trading platform will be opened starting Nov. 18 and is being dubbed as the epicenter of Nike’s Web3 and metaverse operations as it will combine all the elemetions of the booming blockchain industry. Additionally, users can collecte valuable items for gaming and real-world events which are yet to be announced.
With time, .Swoosh will allow users to buy, sell, trade, and even co-create digital goods and sneakers in partnership with Nike and will reward them for the same as well. Furthermore, the plan is to gradually introduce a number of launches in the Web3 space for .Swoosh and create immersive experiences for users.
“We are shaping a marketplace of the future with an accessible platform for the Web3-curious,” said Faris. “In this new space, the .Swoosh community and Nike can create, share, and benefit together.”
After gradual introduction to Web3, Nike is set to go on a six-city tour and educate shoppers on Web3 and blockchain technology in an attempt to raise awareness regarding the usefulness and benefits of the same. Additionally, .Swoosh will also offer Polygon (MATIC)-based NFT products to the users although the company released Ethereum-based NFTs in April.
RTFKT, a NFT and digital apparel startup Nike acquired in late 2021, confirmed that it has no involvement in the .Swoosh project when it comes to governance but, it will be aiding the sportswear brand as it expands deeper into the Web3 space. Nike is also set to debut RTFKT’s CloneX NFT avatars which can be used by the buyers in gaming and metaverse-related experiences.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
