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Nike to debut its platform for web3 wearables

Nike to debut its platform for web3 wearables
  • Swoosh allows Nike fans to collect virtual items and create them together. The site is in beta but plans to launch its first digital collection next year. 
  • Nike has totalled $185 million in NFT revenue to date.

The sports brand Nike is already one of the most successful brands on web3. Now promote virtual shoes and other items on your platform. The. Swoosh (pronounced “swoosh dot“) is currently in beta but is expected to launch its first digital collection next year and will allow Nike fans to collect and even co-create virtual items with the company. According to a company statement, community members will “soon” be able to use the items in digital games and immersive experiences.

“We are creating a user-friendly platform for the future marketplace for internet-savvy people. This new space allows the Swoosh community and Nike to create, share and benefit together,” said Ron Faris, general manager of Nike Virtual. Studios. So far, Nike’s commitment to web3 has paid off.

We are introducing an experience in November 2021 on the increasingly branded Roblox gaming platform, which has recently attracted over 26 million views. The following month, the company acquired NFT’s RTFKT studio and has been building collections since.

The Cryptokicks collection of 20,000 virtual sneakers included an NFT that sold for $134,000. According to data published in Dune Analytics, Nike generated $185 million in NFT revenue. Of that amount, $93 million came from primary sales revenue and $92 million from royalties. The numbers alone make other brands in the metaverse pale in comparison. Dolce & Gabbana has earned $24 million in NFT revenue, while Tiffany has earned $13 million.

But the same dataset also suggests that Nike was impacted by both the bear market and the increase in optional royalties. Revenue has fallen sharply from pre-peak April 2022 peaks.

Nike’s flagship product, the popular CloneX NFT collection, accounts for a large portion of RTKFT’s NFT revenue, accounting for 64% of royalty revenue in November.

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