Nike, a global icon in the footwear and apparel space, has announced its move into the crypto and non-fungible token (NFT) world with the launch of its new Web3-powered platform called ‘Dot Swoosh’, stylized as ‘.SWOOSH’. This new platform was launched this Monday and is mostly targeted toward promoting the products of the Oregon-based footwear manufacturer.
In 2021, the company acquired RTFKT, an NFT and digital apparel startup. Nike announced that this buyout is mainly focused on expanding its presence in the digital currency, NFT, and Web3 fashion industries. Within a year, the company is doubling down on its efforts to become a market leader digitally.
However, it is worth noting that Nike is not the only company that is pushing for dominance in the Web3 space. Adidas, one of Nike’s major competitors, also is working on NFT goods and Web3 integrations to solidify its position in the rapidly transforming industry.
Nike’s Dot Swoosh will act like an ecosystem and be at the center of the company’s move into space. The platform will be used to showcase the company’s NFT and digital apparel. According to some reports, users can also design their products, show them off, and earn royalties on qualifying sales.
“When you think of a virtual product like a virtual shoe, it’s not just a shoe; it’s the product and the experience, service, or utility baked in.” “We don’t see that virtual product as the end of the purchase journey; it is the beginning of the journey.”Ron Faris, VP of Nike Virtual tudios
Following the announcement of Dot Swoosh, Nike will also introduce virtual product lines, starting with sneakers and T-shirts. Initially, these products can be used as clothing for avatars in Web3 games.
Other features of the platform include access to physical apparel products, which have been Nike’s specialization for the last few decades. Dot Swoosh will also allow users to chat with professional athletes who endorse the sports giant’s products.