The American multinational Nike wants to launch a Web3 platform to sell polygon-based NFT products in 2023. What will this platform include?
Nike partners with blockchain scaling platform Polygon to launch .Swoosh. The platform aims to position itself as the epicenter of virtual apparel, where iconic Nike apparel is offered as digital assets.
The Web3 platform offers various digital clothing items such as t-shirts, sneakers, accessories, and other collectibles that can be used to dress up digital avatars. There are also various benefits such as virtual events and exclusive products. The company plans to release its first NFT collection in January 2023. Through the platform, customers can become co-creators who share digital product royalties with Nike.
The project is in closed beta phase. Registration will soon be open to the public, but individuals can be waitlisted by logging into the site with their Nike account. Users will be promptly notified when they are added to the list.
NFTs are digital art or items that represent ownership, such as B. digital clothing, avatars, or art. They are not counterfeit, that is, they are unique and cannot be replaced or exchanged. Currently, they are mostly treated as digital assets that can be traded between users in an online marketplace.
Nike and the NFT Company
NFTs have many uses in today’s Web3 era. They’re used in games, collections, and digital art, and can even represent real-world values like your home. In Nike’s recent partnership with Polygon, the Ethereum-based blockchain will serve as the medium for manufacturing Nike NFT apparel.
This is part of Nike’s efforts to integrate its services with web3. To date, they’ve made over $100 million in sales with NFT alone. With Nike’s decades of branding and Polygon’s technology and Web3 know-how, the company wants to secure its share of the growing business in the metaverse.
The advent of NFTs has led companies to appreciate their monetary potential. Some companies even use them as part of a crowdfunding strategy to raise capital. However, this isn’t Nike’s first rodeo on the web3. Nike acquired an NFT sneaker studio, RTFKT Studios, last year to expand its digital footprint with blockchain-powered branding.
Similar to Nike, Adidas has also ventured into web3 by collaborating with Bored Ape Yacht Club developer Yuga Labs. One particular way businesses look at web3 is how it can serve as any new marketing strategy. Brands see the initial metaverse as a “proving ground” to find out if this new venture is profitable or not. As such, in the near future we will see many more companies and brands taking strategic steps to enter the web3 in a variety of ways.
Edmond is a passionate writer of video games, GameFi and Web3. He has worked for major GameFi companies and gaming/crypto news websites.