Nike Launches ‘Dot Swoosh’ NFT Marketplace to Onboard Web3 Projects
Nike Virtual Studios is launching an NFT Marketplace, dubbed Dot Swoosh, for virtual footwear. Management has also increased funding for the company’s entry into the metaverse.
Nike Launches an NFT Marketplace
The former head of Nike’s SNKRS app, Ron Faris, will lead the development of the Dot Swoosh marketplace. Nike’s virtual inventions will be minted on Dot Swoosh, which will go live on 18th November. Interested users can start signing up to visit the marketplace via access codes. According to official reports from Vogue Business, January will see the release of the first digital collection.
Like other marketplaces such as OpenSea and Rarible, the Swoosh platform will allow users to collect, display, and trade their Non-Fungible Tokens. The digital products will have a variety of tie-ins, or what the industry refers to as ‘Phygital items’ (hybrids of an NFT and a tangible item).
These phygital items will make physical collections available virtually for users to enjoy within video games and the metaverse. In addition, some of these phygital Nike collections will let users participate in both real-life and virtual events. Ron Faris, the lead at Nike Virtual Studios, said in an interview:
“We’re entering a test-and-learn phase, we don’t know quite yet what the behavior will be that consumers will have with the virtual product.”
Nike Continues to Pursue the Virtual World
Nike is not new to the world of digital art. The sportswear giant recently purchased Rtfkt, a three-year-old digital fashion start-up. The purchase remained private as Nike did not disclose the amount they paid for the company. To create the ‘Supreme of Digital Fashion’, Rtfkt raised a seed capital worth $9.5 million. The platform’s ‘next-generation collectibles’ will blend culture and gaming in the coming days.
Since they entered the digital world space, Nike has generated a minimum of $185.3 in sales from selling Web3 products. The purchases by NFT fans from the manufacturer put the brand ahead of rivals Adidas (sold $11 million) and Puma (sold $1.3 million), thus becoming the leading apparel brand in the NFT space.
The massive shift of NFT sales from Rtfkt and the acquisition of the technology firm puts Nike as the leading apparel brand in NFT collection sales. About half of Nike’s revenue comes from Rtfkt’s CloneX NFT avatar line. The footwear manufacturer will embark on a six-city tour to inform customers about their new web3 and blockchain-based products and services.
To lessen volatility and make the purchasing procedure familiar for first-time customers, all virtual items will be valued and sold in US dollars. In the future, the market will support interoperability, where users can connect their wallets and transport goods to other NFT marketplaces.
Some athletes with Nike contracts will have their storefronts on the site. Individual artists will also be able to co-create digital items with Nike and receive NFT royalties on their creations.