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After NFT Success, Nike Launches Web3 Platform for Virtual Creations
Nike’s Swoosh website is currently in closed beta but registration will be opened on November 18th.
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Nike just launched its Swoosh website earmarked to become the home of the company’s Web3 creations Currently, the site is invite-only though anyone can apply for access, and registration for the waitlist will open on Friday, November 18th.
Nike Launches its Web3 Space
On Monday, November 14th, Nike launched its Swoosh website, albeit in a closed beta. Currently, people can sign up on the webpage with their Nike account and get on the waitlist for the invite to the Web3 space. According to the company, the Swoosh leans heavily on the experience of RTFKT—virtual sneakers and collectibles creator acquired by Nike in 2021—but is a separate project.
Nike still has yet to set an exact date for the launch of the first Swoosh collection but explains it will happen soon. The collections will be usable in various Web3 games and “immersive experiences” and owners will “also unlock benefits for you in the physical world, like access to IRL products and exclusive events.”
Nike promises that their collectibles will be varied and will range from very affordable to very pricey with some free drops planned. Nike reportedly acquired the ENS domain for their Swoosh website in May and paid for it with 19.72 ETH (around $38,000 at the time). Registration will be open on the website starting this Friday, November 18th.
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Nike’s Succesful Foray into Digital Assets
Nike’s history with Web3 started already in 2019 when it registered a patent signaling its intent to tokenize shoe ownership. It extended its reach in mid-2020 when it selected Plutus—a London-based Fintech company known for converting fiat into cryptocurrencies at zero rates—as a business partner.
The shoe giant extended its presence in the world of Web3 once again when it acquired RTFKT—a natural choice since the latter company made its name by creating sneakers and similar collectibles for the Metaverse. The partnership has been fairly successful for Nike as it generated $185 in revenue—almost $100 million of the amount in royalties alone—by August 2022.
Nike is far from the only traditional company taking an interest in Web3 and the wider crypto sphere. Addidas joined its competitor already in 2021, and other companies like Crocs and Walmart made their own moves in mid-2022. Even LG joined the NFT business in September 2022 when it launched a non-fungible token marketplace on some of its TVs.
Do you think Nike’s digital asset success will continue with Swoosh? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
