Nike is continuing to extend its reach into the metaverse by introducing a new platform called ‘.SWOOSH’ (dot SWOOSH). The ‘community experience’ platform will offer Polygon-based NFT Nike products and provide a home for the sportswear brand’s virtual items, including footwear, clothing, and accessories. Significantly, here, users will eventually be able to create and collaborate with Nike designers on virtual products, with the ability to earn royalties from sales.
Nike expands metaverse ecosystem with dot SWOOSH
As one of the most iconic brands in the World, Nike has millions of fans across the globe. More than 900 million Nike items are sold annually, and in 2021/22, Nike made $47.149B in revenue.
Recently, Nike has been adopting web3 technology and finding new ways to use it alongside its brand. In 2021, Nike purchased RTFKT, a famous web3 brand specializing in digital sneakers. Since then, they have been developing some incredible virtual sneakers.
Furthermore, the company will soon launch IRL Cryptokick Sneakers, which will blend web3 with reality.
Now, Nike is taking a giant leap with the dot SWOOSH platform. This radical new ecosystem will allow Nike to create new ways of interacting with consumers and provide the building blocks for the future of the company and its digital technology plans.
“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming, and culture,” Nike CEO John Donahoe said in a statement.
Nike Virtual Studios is leading the new project
The team behind the Nike .SWOOSH platform is the newly established Nike Virtual Studios. This unique division is a separate entity inside of Nike, whose central goal is to develop the Nike Brand in web3, NFTs, and the metaverse.
Nike Virtual Studios has a unique design team focused solely on creating virtual Nike products. Moreover, the RTFKT team will also help Nike as it expands its web3 presence.
“It will be a place where our community can come in and co-create that future with us,” says Ron Faris, GM of Nike Virtual Studios. “You can collect, trade, and flex Nike virtual products. You can go to IRL events with your token-gated virtual creations.”
What will the Nike .SWOOSH platform offer?
Most importantly, the new Nike platform is a way for Nike to create and offer web3 virtual goods to its giant user base. For example, these virtual releases will be wearable items for the RTFKT Clone avatars.
In the future, consumers will be able to use these items, such as t-shirts and sneakers, in video games. Users will also get special access and content, plus the ability to pre-order new drops.
Consumers will help create virtual goods on the .SWOOSH Nike platform. In the future, there are plans for users to participate in the design process and even receive royalties for their creations. This is an exciting announcement and will open up a world of opportunities for creators.
The Nike .SWOOSH platform is currently in an invite-only beta phase, but it will be interesting to see what happens next. Nike says they will offer the first virtual products on the platform in January 2023.
Finally, as one of the world’s most influential brands, this is a big moment for the web3 space. Hopefully, it will also encourage other companies to trial web3 technology.