The.Swoosh Platform, a Key Component of Nike's Web3 Strategy

Discuss Nike's Web3 approach with me, shall we? Nike, Inc., better known as "The Swoosh," has launched a new Web3 platform and ecosystem under the domain Swoosh.nike. Nike is eager to extend the reach of its Web3 approach, drawing in new customers outside Rtfkt's core demographic.

Before diving into this piece, you may want to catch up on some relevant stories, like how FTX's demise shows the real limits of Web3 and how FTX was a hot topic at the recent LaBitCon in Buenos Aires.

Products, such as interactive digital things like virtual shoes or jerseys, will be able to be bought, displayed, traded, and gained access to on the platform, with users being able to co-create these items with one another.

Ron Faris, the CEO of Nike's new Virtual Studios business, is in charge of the project. Faris also oversees the company's blockchain, Web3, and metaverse initiatives. Rather than focusing on training and onboarding Web3 natives, Faris believes the project's purpose is to "level the playing field" by educating and onboarding the Nike community.

When you think of a virtual product like a virtual shoe, it’s not just a shoe; it’s the product and the experience, service, or utility baked in. We don’t see that virtual product as the end of the purchase journey; it is the beginning of the journey.

Nike hasn't shown off the whole user experience yet, but the DotSwoosh app will eventually let users vote on things like shoe laces and color schemes. According to Faris, anybody may set up shop under the ".nike" domain to advertise and sell Nike products.

In this video, Faris spills the tea on how Rtfkt's tea has impacted Nike Virtual Studios. According to Nike, the first line won't hit shelves until the beginning of 2023. Until further notice, access to the SWOOSH platform is restricted to beta testers.

DotSwoosh.eth ENS was acquired by Nike's Web3 project RTFKT in May for 19.72 ETH (about $35k).

Do you want to be updated on the most recent NFT and crypto market news, as well as other web3-related developments? Follow us on Twitter.