Non-Fungible Tokens (NFTs) have become a disruptive force in the technology industry, and traditional companies like Nike are quickly adapting to this new technology. Nike has embraced NFTs through a series of successful sales, and it has further expanded into the Web3 ecosystem with the launch of its .Swoosh platform. This platform is designed to support virtual wearables and NFT collections while also growing Nike’s Web3 audience.
So what exactly is .Swoosh? .Swoosh is Nike’s Web3 ecosystem that focuses on virtual wearables and NFT collections. Launched in November 2022, the platform allows Nike Web3 users and customers to co-create and earn royalties on virtual Nike products. It serves as a marketplace where users can create, buy, sell, and trade NFTs.
By connecting its physical and virtual products, Nike aims to provide a unique experience for its customers. Users can order both physical and virtual wearables and apparel on the marketplace. For example, a customer can pre-order a shoe on the platform and have it delivered to a physical location. This seamless integration between the physical and virtual worlds sets .Swoosh apart from other NFT platforms.
As with most NFT platforms, users can browse through virtual products, including Nike’s virtual apparel and NFT collections created by other users. However, .Swoosh offers exclusive benefits to its users, such as access to real-life events and early releases of new Nike projects.
Currently, .Swoosh only supports payments made in dollars, which means non-American users would need to convert their fiat or cryptocurrency to USD to use the platform. All transactions that occur on .Swoosh are recorded on the Ethereum blockchain, ensuring transparency and security. The platform also utilizes a BitGo wallet to provide additional security for NFT-related actions.
It’s important to note that .Swoosh is not available in every country at the moment. Access is limited to select locations where users have been chosen to participate in the beta test. However, Nike plans to make the platform available to the public in the future, opening up more opportunities for users worldwide to join .Swoosh.
If you’re interested in joining .Swoosh, you’ll need a special access code, as the platform is not open to the general public. To get the code, you can join the .Swoosh waitlist on their website and create a new profile. Once you’ve completed the signup process, you’ll receive a .SWOOSH ID, which grants you access to the marketplace. Nike also provides educational resources to help users navigate and make the most of the platform.
So what does Nike hope to achieve with .Swoosh? The platform is designed to offer a unique Web3 experience by blending the physical and virtual worlds. Nike aims to attract Web3 users and expand its customer base by providing innovative products and experiences. Additionally, .Swoosh serves as an opportunity for Nike to transition traditional customers into the Web3 space, introducing them to virtual collectibles and the potential to earn royalties.
In conclusion, Nike’s .Swoosh platform is a significant step for the brand in embracing Web3 and NFTs. It provides a marketplace for users to create, buy, sell, and trade NFTs, while also offering exclusive benefits and bridging the gap between physical and virtual products. Although .Swoosh is currently in its beta phase and not open to the public, Nike’s plans to expand its availability indicate a promising future for the platform.
