Nike will launch its own platform for Web 3 wearables. The Swoosh will let Nike fans collect and even interact with virtual items. The site is currently in beta but plans to launch its first digital collection next year. Nike has raised a total of $185 million in NFT funding to date.
The sports brand Nike is already one of the most successful brands on the web 3. Now he will promote virtual shoes and other things on his own platform.
Currently in beta and will begin to launch its first digital collection next year, .Swoosh (pronounced “swoosh dot”) will allow Nike to collect and even collaborate with the company. Members of the community will “soon” be able to wear those items in digital games and immersive experiences, according to a company statement.
“We are shaping the market of the future with an accessible platform for people who are curious about Web 3. In this new space, the .Swoosh and Nike communities can create, share and benefit together,” said Ron Faris, General Manager of Nike Virtual Studios.
Nike and Web 3.0
So far, Nike’s bet on web3 has paid off. It began its experience in November 2021 on the crowded gaming platform Roblox, attracting more than 26 million people to date. The following month he acquired NFT company RTFKT and has been clearing collections ever since. Among them, Cryptokicks’ collection of 20,000 sneakers including NFTs sold for $134,000.
Nike made a total of $185 million in NFT funding, according to data published on Dune Analytics. Of that amount, $93 million came from initial customer financing and $92 million came from royalties.
Those numbers alone make other metaverse-savvy brands pale in comparison. Dolce & Gabbana received an NFT amount of $24 million, while Tiffany received $13 million.
But the same dataset also suggests that both the bear market and the rising trend have affected Nike. Their earnings have declined from their highs before their peak in April 2022.
Nike’s top offering, the popular CloneX NFT collection, accounts for a large portion of RTKFT NFT revenue, accounting for 64% of royalties as of November 1.
