Nike unveils its NFT platform

Nike has announced the launch of an NFT marketplace called “.Swoosh” as its latest foray into the non-fungible token (NFT) and Metaverse space.

While .Swoosh is still in beta, Nike announced that its “first digital collection” will launch on the Web3 platform in 2023, with the remainder of 2022 devoted to platform and user growth.

Digital sneakers, apparel, accessories, and other collectibles are among the “virtual creations” that will be available next year. Furthermore, some will grant access to real-world products and events.

Following the release of the first collection, members can participate in a community challenge to win the chance to co-create a virtual product with Nike.

According to Nike, the challenge winners will be paid an undisclosed amount of royalties on the virtual product they helped co-create.

Nike Virtual Studios’ general manager, Ron Faris, stated that the Swoosh platform provides a “gateway into a new digital arena.”

In addition, Nike’s Twitter post noted it will help “onboard the next millions” into the “wonderful world of web3 and digital assets.”

Nike entered the Metaverse game in 2021 when it acquired the virtual sneakers and collectibles brand RTFKT. Nikeland, a virtual world, was also launched.

SWOOSH employs similar tools and technologies, but the three projects are distinct for the company.