What Is .Swoosh? How Will Nike Use It?
The .Swoosh platform is said to be the epicenter of Nike’s digital efforts around Web3. It’s actually designed to spotlight the brand’s NFTs and virtual apparel initiatives. It includes the future ways for customers to become co-creators and share in digital product royalties as well. Nike aims to use the platform as a hub to launch virtual apparel like t-shirts and sneakers for avatars that can be used within Web3 games. In addition to that, it will also utilize Web3 tech in order to allow users to unlock real-world benefits, for instance, exclusive physical apparel or chats with pro athletes. Some other famous NFT projects including one from Adidas also come with physical apparel or real-world perks. Nike plans to gradually let new users into the closed platform through the end of the year after its first NFT drop in January 2023. The company also plans to open up user registrations later this week. Reports claim that Nike’s NFT apparel will be minted on Polygon, an Ethereum sidechain network, however, the previous Nike and RTFKT drops have all been launched via the Ethereum mainnet. Reports further claim that Nike plans to sell digital sneakers for less than $50 a pair. Nike Virtual Studios GM Ron Faris stated in a release: In a tweet, a RTFKT representative also clarified that the studio isn’t overseeing the .Swoosh project, however, is aiding Nike as it expands further into Web3. The company said that Nike will release digital apparel for RTFKT’s CloneX NFT avatars, which those owners can then use in supported Web3 gaming and metaverse worlds.
