- Nike has announced .Swoosh, a Web 3.0 platform geared at meshing the real world with the digital
- Nike has had a foot in the blockchain world since 2019
- The new platform will combine NFT sales with real world bonuses
Sports giant Nike yesterday announced .Swoosh (dot swoosh), a new Web 3.0 platform and ecosystem designed to appeal to traditional fans of the brand rather than the crypto community and early adopters. The company, which has already taken big steps into the Web 3.0 world, is developing a standalone Web 3.0 strategy through the domain Swoosh.nike. .Swoosh, which launches Friday, will be the home of Nike’s virtual creations, with a first digital collection dropping in January.
Nike Has Blockchain Pedigree
Nike’s work in the crypto/blockchain world dates back to April 2019 when it filed a trademark for Cryptokicks, for which it was awarded a patent six months later, and is now a popular NFT collection. Nike has really pushed the Web 3.0 angle in more recent years, launching an experience in November 2021 on the gaming platform Roblox and acquiring NFT studio RTFKT a month later, which has been pumping out collections ever since.
.Swoosh sits under Nike Virtual Studios, which is led by VP Ron Faris, the former head of Nike’s Snkrs app. It will be a platform where visitors can buy, show off and trade ‘phygital’ and virtual products, unlock access to events and products, and co-create products.
Blending Digital with Physical
Faris believes that Nike’s NFTs and related digital products shouldn’t be seen as “the end of the purchase journey” but should instead be “the beginning of the journey”. For example, a virtual sneaker might enable holders to preorder a physical counterpart, enable token-gated chats with shoe designers or unlock wearability in a favourite game.
According to data from Dune Analytics, Nike has earned a total of $185 million in NFT revenue since entering the arena, $93 million of which has come from primary sales revenue and $92 million from royalties.