Nike Set To Launch ‘.Swoosh’ Web3 Platform, Will Let Users Buy, Sell NFTs

The sales and trading volume of zero-fee tokens (NFTs) has been low in recent months. Despite the decline, Nike is looking to expand its efforts in the field of digital collections. Apparel and footwear brands are launching a new Web3 platform called ‘.Swoosh’ that will allow people to buy, sell, and trade NFTs based on footwear and apparel. Nike is set to launch the platform on November 18, its website notes.

Nike aims to allow people to use digital collectibles as wearables for digital games and ‘other immersive experiences’.

“We are shaping the marketplace of the future with the Web3-curious accessible platform. In this new space, the .Swoosh and Nike community can create, share, and benefit together.” The Verge quoted Ron Faris, vice president of Nike Virtual Studios as saying.

While Nike plans to launch its digital collection on the .Swoosh next January, people can now sign up for them on the website. When Nike’s January collection goes live, it will allow creators to ‘enter a public challenge to win the chance to create a visual product with Nike’ and receive a profit from any sale.

A total of $260 million (roughly Rs. 2,074 crore) was collected by luxury brands including Nike, Gucci, Dolce and Gabbana through the sale of their NFT pieces, a Dune Analytics report claimed in August.

Nike, which acquired visual design studio RTFKT last December to accelerate its metaverse and NFT push, has raised $185.3 million (roughly Rs. 1,478 crore) from the NFT sale.

Nike’s expensive NFTs are inspired by their iconic sneaker collection. It released its first batch of NFT named ‘Cryptokicks’ in April with a total of 20,000 pieces. NFTs from this collection have sold for up to $134,000 (roughly Rs. 1 crore).

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