Nike has launched a new web3-enabled platform for the brand’s virtual designs and digital community. Called Swoosh, the sporting giant said the platform will have its own domain – welcome.swoosh.nike - where users can create, purchase and potentially earn royalties from interactive digital objects such as virtual shoes or jerseys.
Currently in beta-mode, the registration on the domain opens in November with the launch of a first digital collection, shaped by its members, to debut in 2023.
A new digital community
Shortly after the first digital collection drops, members will be able to enter a community challenge to win the opportunity to co-create virtual product with Nike. Those winners can earn a royalty on the virtual product they help co-create.
Ron Faris, GM of Nike Virtual Studios, said in a statement: “We are shaping a marketplace of the future with an accessible platform for the web3-curious. In this new space, the .swoosh community and Nike can create, share, and benefit together."
Nike has been pioneering blockchain technology and digital sportswear in the metaverse for some time, having last year acquired the NFT and crypto collectible studio RTFKT. Nike is keen to cement its presence in web3 by staying at the forefront of where culture and gaming are merging.
The opportunities for sportswear and fashion in the digital realm are expected to be new revenue channels, despite the fluctuating value of NFT’s and digital clothing, where much is driven by hype.
Digital innovation has earned Nike the position as the world’s leading sporting company, from the NikeID it launched in the 1990s to its wearable tech, digital fit solutions and exploring the metaverse with NFT and co-created products.