Nike Launches Latest Web3 Platform, .Swoosh

Nike has announced it’s latest web3-related investment this week, ‘.Swoosh’. The footwear behemoth isn’t new to the space, but the dedicated platform that is geared towards ‘virtual products’ is on the way later this week, according to a new company landing page & campaign.

We’ve seen some moves from Nike in the space already, and the latest shows the company’s initiative in building more digital-first products.

It’s Not Nike’s First Rodeo

We’re approaching one year since Nike first acquired NFT-based studio RTFKT, a move that’s generally been well received from NFT fanatics – particularly with regards to brand engagement. It’s also performed well compared to competitors: there have been $185M in NFT sales of while the NFT project has been under the footwear firm’s wing, which tops the charts in brand sales from NFTs according to reports released mid-year, citing this Dune Analytics dashboard. Nike has also engaged with Roblox with brand IP in-game.

On Monday, the company announced .Swoosh, a new Nike landing page and social channels labeled as “the home for Nike’s virtual creations.”  The brand is utilizing the Polygon blockchain, citing the blockchain’s “sustainability-minded approach” and pledge to be a carbon-neutral chain this year, as reasoning behind utilizing the chain.

What exactly we will see from the platform remains to be seen, but we also know that there will be wallets provided in partnership with BitGo, and account creation will be free; expect virtual apparel that can include physical engagement, like “IRL products and exclusive events.”

Nike’s new web3 platform, .Swoosh, utilizes the Polygon (MATIC) blockchain. | Source: MATIC-USD on TradingView.com
Big Picture Perspective

Nike is an industry leader and has a bigger runway to play with when it comes to exploring new territories. It’s primary competitor in athletic footwear, Adidas, has also pursued their own blockchain-based endeavors; however, other footwear competitors, such as Puma and Under Armour have dabbled less in the space.

Elsewhere in the broader fashion and apparel world, the lion’s share of the activity has been high fashion; Dolce & Gabbana, Tiffany and Gucci trail Nike on the aforementioned Dune dashboard, and other brands like Burberry and Louis Vuitton have engaged in the space as well.

In this case, Nike is exhibiting the often-cited ‘building in a bear market.’ We’ll see how it pans out for them.

Featured image from Pixabay, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.

Related Posts

Digital identity platform integrates with zkSync for on-chain KYC

RNS.ID’s on-chain KYC solution is designed on a “privacy engine” to encrypt users’ data. RNS.id, a digital Web3 identity platform developed to support the application and issuance…

European Central Bank blasts Bitcoin —community responds

After the European Central Bank released a blog post on the shortcomings of Bitcoin, the crypto community on Twitter took to the comments to defend the cryptocurrency….

Ukraine to launch CBDC to fight crisis – Will it be based on Stellar Lumens?

Ukraine plans to make its Stellar-based CBDC to support retail cryptocurrency payments.  Stellar has also been partnering with other countries to develop their CBDCs. The National Bank…

Should you start your crypto trading journey?

Interest in digital currencies has increased considerably during the last couple of years, so the vast world of cryptocurrencies lures more and more individuals. Though, there are…

Cardano partners with 2 industry leaders in Web3 – Will it drive ADA price to $2?

Cardano’s commercial arm EMURGO announced investments in OAK Network and SubQuery protocol to expand its footprint in the Web3. The total number of smart contracts built atop…

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite…

Generated by Feedzy