Nike venturing deep in Web3 with .SWOOSH

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Nike has been the standout company in the Sports apparel industry that has taken an aggressive stance as far as the Web3 space is concerned. The company has been making one move after another, to mark its stronghold in this space. An addition to which is the new platform .SWOOSH.

.SWOOSH is a Web3 enabled platform that allows members to learn, acquire and eventually help co-create digital creations that includes virtual shoes and jerseys. It will be a community where users can get the Nike experience in a digital medium and would also get the opportunity to develop that experience further.

The platform has its own domain name at WELCOME.SWOOSH.NIKE. Although it is in the beta phase, the registrations for the platform began yesterday (18/11/2021). The platform would continue bringing more and more people to the platform for a year. After that period, the Digital Collection would be revealed.

This collection would be wearable digitally that could be worn across different platforms that includes gaming and related activities. After the launch of the collection, users would be invited for a challenge that could be used to co-create digital wearables with Nike. The users can thus gain royalty from the sale of these products.

Among its peers in sports industries: Puma and Adidas, Nike has been far more confident in the Web3 space. Adidas entered the Web3 space last year with collaborations from Web3 hotshots The Bored Ape Yacht Club, G-Money and Pixel Vault. Adidas launched NFTs in partnerships with these firms, gauging the unpredictable nature of the industry.

Puma, was comparatively the last entrant in Web3 space, marking entry this year only. They have launched their NFT token as Puma Nitro Pass. A metaverse experience named ‘Black Station’ was launched as well. The Puma Nitro Pass accords the possessor with a physical product as well as a unique web experience related to the product.

In comparison Nike acquired the Web3 company  RTFKT (pronounced ‘Artifact’). This acquisition has been at the head of all of Nike’s Web3 initiatives. Post acquisition Nike launched Nike Dunk Genesis collection. One of Nike’s web3 product Nike Air Force 1 shoes costs 0.32 ETH or a little over $600.

Clearly, NIKE has been playing aggressively in this space. Acquisition of RTFKT shows Nike’s confidence. Adidas and Puma have marked progress here as well, but their approach is a reflection of the current bearish market, especially regarding the crypto sector.

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