Nike Launches Virtual Apparel Platform, .Swoosh, on Polygon

Close-up of someone wearing purple Nike shoes with a blue swish
  • According to Nike, the new platform will enable customers to design and collect Web 3.0 digital collectibles. 
  • Virtual apparel from .Swoosh will be usable for RTFKT avatars.
  • .Swoosh allows designers to create digital collectibles with a user-inclusive initiative.
  • By January 2023, the firm plans to make the first virtual products available on Swoosh, granting accessibility to a broader audience.  
  • Nike has gained fame in the crypto space for its digital asset dealings in the past.

Nike has launched a fresh attempt to establish its presence in Web 3.0 by initiating a new platform, .Swoosh, on Polygon.

In an announcement, the popular sports apparel manufacturing firm revealed that the new platform is an idea by Nike to design and provide digital collectibles like virtual shoes, jerseys, or accessories. As revealed, the virtual apparel from .Swoosh will be usable for RTFKT avatars. RTFKT is another prominent team in the Web 3.0 space Nike acquired in 2021. 

Notably, .Swoosh comes with a user-inclusive initiative that aids designers in designing digital collectibles on the platform. These designers are also entitled to incentives and royalties for each wear they design, though this opportunity still needs to be included in the project but will be in the future.

In the long term, virtual outfits like sneakers and t-shirts will become usable by players in numerous online games. Further, the initiative will provide special access, a package, and the opportunity to order new drops before they become available. 

Currently, the platform is open for an invite-only beta phase which implies that it is only for selected persons. According to reports, .Swoosh will become available to an even wider audience in January 2023 when the firm plans to release its first virtual products.  

There are pointers that a pair of digital sneakers will cost below $50 on the .Swoosh platform.

Nike’s Growing Presence in the Web 3.0 Space

In the past, Nike has dived into numerous digital asset dealings that have soared the company’s fame in the crypto space. Most recently, Nike and RTFKT worked on a digital NFT sneaker known as Cryptokicks.

A group of expert designers makes up the Nike Virtual Studios team, and they work primarily on designing digital collectibles. With the support of the RTFKT team, the Nike Virtual Studios team will develop more capacity to pursue the interest of the fashion giant in the Web 3.0 space.

On its previous projects, Nike worked with Ethereum, while the recent .Swoosh project is supported by Polygon. This provides a mix of ideas and blockchain characteristics for its projects. 

On the Flipside

  • The launch of Nike’s digital apparel store .Swoosh comes as NFTs are struggling, and the crypto market is in turmoil. As a result, it remains to be seen how much interest Nike will be able to generate with the recent launch.

Why You Should Care

Nike’s earlier venture into Web 3.0 with digital apparel was successful, given its popularity and global reach. As a result, digital apparel can become more mainstream around the world with this latest pursuit. This project may help Polygon gain more liquidity, as it can entice investors from around the globe to purchase exclusive digital assets.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Soumen has been a dedicated researcher and writer in the field of cryptocurrencies for the last few years. Even though Indian crypto regulations are still unclear, he believes that India will continue to innovate in the years to come. He loves to play his guitar and sing along in his spare time. He holds bags mostly in BTC, ETH, BNB, MATIC, ADA.