Nike Launches Web3 Platform Offering Virtual Apparel and Other NFT-Based Products
Sportswear giant Nike has launched .Swoosh, a new Web3 platform that will be used to launch virtual apparel like t-shirts and sneakers for avatars.
Nike became one of the biggest fashion-world players in Web3 in mid-December last year when the company acquired RTFKT, a virtual sneakers company that creates NFTs and digital sneakers for the metaverse.
In a bid to step up its Web3 efforts, the apparel giant has announced the development of g.Swoosh, a new project designed to spotlight the brand’s NFTs and virtual apparel initiatives, including future ways for customers to become co-creators and share in digital product royalties.
The project sits under Nike Virtual Studios, which is led by VP Ron Faris, the former head of Nike’s Snkrs app, according to a report by Vogue Business. It will be the home of Nike’s virtual creations and is expected to go live by this Friday.
“When you think of a virtual product like a virtual shoe, it’s not just a shoe; it’s the product and the experience, service or utility baked in,” Ron Faris, VP at Nike, reportedly said.
Notably, Nike’s NFT apparel will be minted on Polygon, a layer 2 scaling solution that runs alongside the Ethereum blockchain. According to a Fast Company report, Nike plans to sell digital sneakers for less than $50 a pair.
In a Twitter thread, RTFKT clarified that the studio is actually aiding Nike as it expands further into Web3. The company added that Nike will release digital apparel for RTFKT’s CloneX NFT avatars, which those owners could then use in supported Web3 gaming and metaverse worlds.
“.SWOOSH is a platform for Nike’s virtual creations, for them to be more accessible and to onboard the next millions into the wonderful world of web3 and digital assets,” RTFKT said.
It is worth noting that Nike has been the most successful with its foray into NFTs. Last November, company filed seven patents that revealed plans to make and sell virtual footwear and apparel. Days later, it launched Nikeland—a Roblox universe full of online games and virtual products.
Within five months of its launch, Nikeland amassed seven million visitors. Meanwhile, Nike’s purchase of RTFKT started paying off. By September, the company had raked in over $185 million from the sale of its NFTs and received over $93 million in royalties.
