The popular apparel and footwear company launched its NFT platform.
In a positive development for the crypto community, the hugely popular brand Nike announced the launch of its NFT platform called .Swoosh. Nike, being a behemoth in the apparel and footwear space and having star celebrities on their endorsement list, is expected to encourage popularizing web3. This is one of their list’s first checkpoints, but they are expected to indulge more in web3 in the near future.
Nike completed the acquisition of RTFKT, a digital apparel NFT startup, in 2021. It indicated Nike’s foray into web3 and future engagement plans and with the announcement of .Swoosh, Nike has confirmed the same. With its new NFT platform built on Polygon, users would be able to acquire virtual sneakers, apparel, accessories, etc. Nike claimed its main aim in participating in web3 was to expand the meaning of sports and democratize the entire web3 experience for everyone.
The same virtual accessories could be used by users in games, earn royalties from co-creations, and participate in exclusive digital communities of Nike. “We are shaping a marketplace of the future with an accessible platform for the web3-curious”, said Ron Faris, GM of Nike Virtual Studios. The collection would be released in 2023, with the rest of 2022 focused on user acquisition.