Nike Dives Deep into Web3 with .Swoosh Platform and RTFKT Collaboration

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Nike has firmly planted its flag in the Web3 landscape, especially with its 2021 purchase of RTFKT, a prominent NFT and virtual fashion startup. The iconic sportswear giant is further strengthening its Web3 footprint with the debut of its platform, .Swoosh.

Set to become Nike's digital heart in the Web3 space, .Swoosh will feature Nike's NFT collections and virtual fashion endeavors. It's not just about showcasing Nike's NFTs; the platform also aims to highlight collaborative customer creations and distribution of digital product revenues. Through .Swoosh, Nike plans to roll out virtual clothing items, such as T-shirts and shoes for avatars in Web3 gaming environments. Additionally, they're harnessing Web3 capabilities to provide tangible perks like exclusive merchandise or interactions with sports icons. This strategy aligns with other NFT ventures, including Adidas's, which offer real-world rewards. Nike is set to launch its inaugural NFT collection in January 2023, with a phased platform onboarding throughout the year, as reported by Vogue Business.

Nike's virtual apparel will be powered by the Polygon network, an Ethereum sidechain, marking a departure from their previous Ethereum mainnet releases. A report by Fast Company suggests digital sneaker prices may hover below $50. Nike Virtual Studios' GM Ron Faris remarked, "Our vision is a forward-thinking marketplace that appeals to those curious about Web3."

While RTFKT isn't directly overseeing the .Swoosh initiative, they are guiding Nike's Web3 journey, as noted in a series of tweets. Plans include digital outfits that align with RTFKT’s CloneX NFT avatars, allowing users to integrate them into compatible Web3 games and metaverse platforms. 2021 witnessed a staggering trade volume of $25 billion in NFTs, with Nike's acquisition of RTFKT, known as "artifact", being a pivotal move in this space.

Post-acquisition, joint ventures between Nike and RTFKT resulted in Ethereum-based NFT shoes branded as CryptoKicks, which can be tailored using Skin Vial NFTs. Furthermore, Nike secured the Ethereum Name Service (ENS) domain, dotswoosh.eth, for an estimated $35,000 in ETH, which can link to crypto wallets or specific web portals. RTFKT rose to prominence with its CloneX PFP project, co-developed with artist Takashi Murakami, unveiled in November 2021. This initiative generated about $762 million in secondary market sales, according to CryptoSlam.

Dune Analytics data reveals that Nike has garnered $93 million from primary NFT sales and nearly $92 million from NFT trading royalties, with the majority of revenue originating from CloneX and other RTFKT launches not associated with the Nike label.

 

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