Nike Launches Swoosh, a Web3-enabled Platform

BUSINESS

Nike has launched Swoosh, a Web3-enabled platform that will allow users to purchase, sell, and design virtual shoes and apparel eventually. Currently, in beta version. Swoosh has its own domain, and it will allow its members to learn about, collect and eventually co-create digital wearables such as jerseys and shoes, says Nike.

After the release of Nike’s first digital collection, members of the Swoosh will be able to enter a community challenge. Nike will also give the winners of the challenge the opportunity to create the virtual products and ear loyalties.

Nike has also suggested that users will be able to use its assets as wearable items in digital games, and several other immersive experiences. According to Nike, registrations for .Swoosh will begin later this month, with the first digital collection that is shaped by the members to be launched in 2023.

Foray of Nike into NFT (non-fungible tokens) comes a year after Nike purchased RTFKT Studios, which is a Web3 company that produces sneakers and NFTs for the metaverse. In a press release, Nike Shares that, the idea behind launching .Swoosh is to expand the definition of sport, and serving its future by democratizing the experience of Web3 so the people can create and own a piece of the new digital world.

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