Nike to Launch ‘.Swoosh’ Web3 Platform on November 18, Will Let Users Buy, Sell NFTs

The sales and trade volumes of non-fungible tokens (NFTs) have been on the low these recent months. Despite the slump, Nike is looking to expand its experiments in the digital collectibles sector. The apparel and shoe brand is launching a new Web3 platform called ‘.Swoosh' via which it will allow people to buy, sell, and trade NFTs based on shoes and apparel. Nike is all geared-up to launch this platform on November 18, its website notes.

Nike intends to let people use its digital collectibles as wearables in digital games and ‘other immersive experiences'.

“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,” The Verge quoted Ron Faris, the vice president of Nike Virtual Studios as saying.

While Nike plans to launch its digital collection on .Swoosh next January, people can now sign-up for them on the website. Once Nike's January collection goes live, it will allow creators to ‘enter a community challenge to win the opportunity to co-create virtual product with Nike' and earn a royalty on any sales.

A total of $260 million (roughly Rs. 2,074 crore) has collectively been bagged by high-end luxury brands including Nike, Gucci, Dolce & Gabbana with the sales of their NFT pieces, a Dune Analytics report had claimed in August.

Nike, that acquired virtual design studio RTFKT last December to accelerate its metaverse and NFT push, has bagged $185.3 million (roughly Rs. 1,478 crore) in NFT sales.

Nike's expensive NFTs have been inspired by its iconic sneaker collections. It released its first NFT collection named ‘Cryptokicks' in April with a total of 20,000 pieces. The NFTs from this collection have sold for as high as $134,000 (roughly Rs. 1 crore).