Nike Will Launch Its Own Platform for Web3-enabled Wearables

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Last Updated on November 15, 2022 by Bitfinsider

The sports brand Nike is already one of the most successful web3 brands. On its own platform, it will now promote virtual shoes and other things.

Currently in beta, but anticipated to unveil its first digital collection next year, is currently in the testing phase.

Swoosh (pronounced “dot swoosh”) will enable Nike fans to collect and co-create virtual products.

According to a business release, community members will “soon” be able to wear the products in digital games and immersive experiences.

“By providing a platform for web3-curious individuals, we are constructing a future marketplace. In this new arena, the.Swoosh community and Nike will be able to create, share, and benefit jointly, according to Ron Faris, general manager of Nike Virtual Studios.

Nike’s gamble on web3 has proven profitable thus far.

It debuted its experience on the increasingly crowded game site Roblox in November 2021, attracting more than 26 million visits to date. It purchased NFT studio RTFKT the next month and has been producing compilations since since.

Among the 20,000 virtual sneakers in the Cryptokicks collection, there was one NFT that sold for $134,000

According to data given by Dune Analytics, Nike has collected a total of $185 million in NFT revenue. $92 million came from royalties and $93 million came from primary sales.

The numbers alone render other metaverse-minded brands inferior. Dolce & Gabbana has made $24 million in NFT revenue, while Tiffany has earned $13 million.

However, the same data set also indicates that Nike has been affected by both the bad market and the increase in optional royalties. Prior to April 2022, revenue was at an all-time high. However, it has since collapsed.

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