Nike releases a Web3 platform with virtual clothing and other NFT-based goods.
Nike, a major sportswear brand, has started SWOOSH.
SWOOSH, a new Web3 platform, will be utilized to introduce avatar-specific virtual clothing such as t-shirts and sneakers.
Midway through December of last year, Nike purchased RTFKT, a virtual footwear company that makes NFTs and digital sneakers for the metaverse, turning it into one of the main participants in the Web3 fashion industry.
The apparel behemoth has revealed the creation of.SWOOSH, a new project intended to highlight the brand’s NFTs and virtual apparel activities, including potential opportunities for customers to become co-creators and share in digital product royalties, in an effort to ramp up its Web3 efforts.
According to a Vogue Business story, the project is a part of Nike Virtual Studios, which is run by vice president Ron Faris, a former executive of Nike’s Snkrs app. It is anticipated to become live by this Friday and serve as the home of Nike’s virtual creations.
Ron Faris, VP of Nike, is quoted as saying, “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.”
Notably, Polygon, a layer 2 scaling solution that works in tandem with the Ethereum blockchain, will be used to produce Nike’s NFT gear. Nike intends to market their digital sneakers for less than $50 per pair, according to a Fast Company story.
RTFKT explained on Twitter that the studio is actually assisting Nike as it grows its Web3 presence. Nike will also create digital clothing for RTFKT’s CloneX NFT avatars, which their owners would be able to wear in supported Web3 gaming and metavers eworlds, the business stated.
According to RTFKT, “.SWOOSH is a platform for Nike’s virtual creations, for them to be more approachable and to onboard the next millions into the great world of web3 and digital assets.”
It’s noteworthy that Nike has had the most success with its venture into NFTs. The business submitted seven patents in November of last year, indicating intentions to produce and market virtual footwear and clothing. A few days later, it introduced Nikeland, a Roblox realm with numerous online games and virtual goods.
Nikeland had seven million visitors after only five months of operation. Nike’s acquisition of RTFKT began to pay off in the meantime. The company sold its NFTs for over $185 million, and by September, it had earned over $93 million in royalties.