Nike is still trying to make NFTs happen with .Swoosh

Image: Nike

Nike’s still planning to get in on the non-fungible token (NFT) game, even though the NFT market is plummeting and the third-largest cryptocurrency exchange by volume went bankrupt last week. The company’s launching what it calls .Swoosh, a Web3 platform that will eventually let users buy, sell, and trade virtual shoes and apparel.

Nike didn’t offer too many details about what exactly to expect but suggests that you will one day be able to use its assets as wearable items in digital games and “other immersive experiences.” While signups for the platform open on November 18th, don’t expect to actually buy anything: .Swoosh’s first digital collection doesn’t come out until next January. Once that happens, Nike says it’ll let creators “enter a community challenge to win the opportunity to co-create virtual product with Nike” and earn a royalty on any sales.

Image: Nansen.ai NFT Indexes Quarterly Report – Q3 2022
Overall monthly NFT sales volume in 2022.

This announcement comes after Nike bought RTFKT Studios last year, a Web3 company that makes NFTs and sneakers “for the metaverse.” It probably looked like a strategic buy at the time, as crypto was at its height last December and into earlier this year, with data from Nansen.ai indicating that monthly NFT sales have crashed since peaking in January.

“We are shaping a marketplace of the future with an accessible platform for the web3-curious,” Ron Faris, the vice president of Nike Virtual Studios, says. “In this new space, the .SWOOSH community and Nike can create, share, and benefit together.”