Nike Inc. will open an online store and further also open a trading platform for virtual sneakers, planning the next tangible steps towards metaverse with .SWOOSH.
One of the world's largest sportswear companies will publish its products on the .Swoosh platform, where users will be able to collect and demonstrate their items. With this, the company is keeping up with the times and triggering the collecting passion of countless sneakerheads with a penchant for collecting and hunting limited-edition stuff. According to initial information, there will be a wide variety of objects which in turn contain a wide variety of links. Some items will be directly linked to physical items and keep them free or get the right to buy them. This system will be stored on a blockchain, which makes each item unique and 100% assignable to a person. Another example could be that these objects will then be available in video games or give access to events.
Registration for this service will begin as early as November 18, 2023.
It is recommended to register already now to get news about this and to be part of it. "We're in a testing and learning phase," Ron Faris, head of Nike Virtual Studios, said in an interview. "We don't yet know exactly how consumers will behave with the virtual product."
To that end, Nike will tour six cities to educate shoppers about web3 and blockchain technology. All products will be priced in U.S. dollars to reduce volatility and keep the process familiar for new buyers.
An initial collection is scheduled to launch in January. Users will be able to link their wallets to bring items to other marketplaces for this. However, a digital wallet will likely be required to pay directly in the desired token and receive the items on the blockchain in return. People will certainly stick to established platforms like Opensea, with which Adidas has already had good experiences with their own NFT.
Some athletes signed to Nike will have their own storefronts on the site. Individual users will also be able to work with Nike to design products in community competitions and receive royalties for their designs, which again could be a very enticing deal for all sides involved.
Nike invested in what it calls the Metaverse last year and now has its design team for its digital products. Already last year, Nike began filing trademarks for virtual goods, opened its own virtual world on Roblox, and acquired virtual sneaker maker RTFKT. It seems the efforts are paying off, as according to data from blockchain research firm Dune Analytics which they collected in August, Nike has earned nearly $200 million from NFT products so far, leaving fashion rivals like Adidas, Gucci, Dolce & Gabbana far behind.
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