The Athletic Apparel Giant Nike Plans to Launch its own Web3 System

The company Nike, which makes athletic gear, just made the Swoosh Web3 platform public knowledge. With its assistance, the company intends to advertise virtual shoes and other products for sale in the metaverse.

The Swoosh app is presently undergoing testing in beta. It is anticipated that the first collection will be made available the following year.

Nike and Its Swoosh

Swoosh is a new web3-enabled platform that has been released by the American sportswear and footwear business Nike. This platform will be used to create online communities and virtual designs for products.

Users will be able to create, acquire, and get royalties from the sale of digital things, such as virtual shoes or garments, thanks to a new online resource with its own domain name called welcome.swoosh.nike. This new resource can be found at welcome.swoosh.nike. Registration on the site will begin in beta testing in the month of November, and the launch of the first digital collection that was generated by site participants is anticipated to take place in the year 2023.

Soon after that, users will be given the opportunity to participate in a contest in which the top three finishers will be given the chance to collaborate with Nike on the development of virtual goods and receive royalties from the eventual sale of those goods. The main goal of the company is to become even more of a leader in blockchain technology and new ideas for the metaverse.

The firm of the RTFKT studio, which develops NFTs and virtual collectibles, was made by the firm in the previous year in order to pursue this path. Even though the value of digital assets is subject to wild swings, it is anticipated that in the not-too-distant future, virtual fashion clothes will emerge as an alternative means through which businesses can generate revenue.

Nike acquires NFT studio RTFKT

RTFKT, an NFT studio headquartered in the Metaverse, has been acquired by Nike. According to him, the objective of Nike is to cultivate a “innovation and creative community” while also expanding the company’s digital presence and capabilities. The details of the transaction were not made public.

A seed round for RTFKT was completed at the beginning of May and raised $8 million. Andreessen Horowitz, a venture capital firm, was the driving force behind it. Galaxy Digital, Ledger, the CEO of Dapper Labs, Roham Garegozlow, and other investors also contributed to the funding round.

After the launch of a digital line of sports footwear, the studio saw a significant increase in its level of popularity. Chris Lee, one of the co-founders of RTFKT, mentioned that the company Nike has “always been a source of inspiration” for the group working on the firm.