November 17, 2022
By Anjali Kochhar
Fashion brand Nike aims to step up its efforts in the web3 space with the launch of a new platform Swoosh.
The Swoosh platform is designed to spotlight the brand’s NFTs and virtual apparel initiatives, including future ways for customers to become co-creators and share in digital product royalties.
Nike will use the platform as a hub to launch virtual apparel like t-shirts and sneakers for avatars that can be used within Web3 games. It will also utilise Web3 tech to allow users to unlock real-world benefits, such as exclusive physical apparel or chats with pro athletes.
Some other popular NFT projects—including one from Adidas—come with physical apparel or real-world perks.
According to Vogue Business, the company plans to gradually let new users into the closed platform through the end of the year, ahead of the first NFT drop in January 2023.
Nike’s NFT apparel will be minted on Polygon, an Ethereum sidechain network, whereas the previous Nike and RTFKT drops have all been launched via the Ethereum mainnet.
“We are shaping a marketplace of the future with an accessible platform for the Web3-curious,” said Nike Virtual Studios GM Ron Faris, in a release.
“In this new space, the Swoosh community and Nike can create, share, and benefit together.”
In a tweet thread, a RTFKT representative clarified that the studio isn’t overseeing the Swoosh project, but it is aiding Nike as it expands further into Web3. The company added that Nike would release digital apparel for RTFKT’s CloneX NFT avatars, which those owners could use in supported Web3 gaming and metaverse worlds.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.