Nike launches the Dot Swoosh platform dedicated to NFTs and Web3

Nike has launched Dot Swoosh, its new marketplace dedicated to buying, displaying, trading NFTs, digital and virtual products and more. 

Nike launches its NFT and Web3 marketplace

The famous sports footwear and apparel brand, Nike, now has its own NFT and Web3 marketplace. 

“.SWOOSH by Nike – a platform for Nike’s virtual creations. RTFKT will continue to be at the edge and work w Nike to onboard the next millions to web3. Clones will get access for .SWOOSH ID, & Nike releases will be Clone digital wearables More collab to merge worlds together.”

After the purchase of digital design studio Rtfkt, Nike is also becoming a true leader in Web3 with its Nike Virtual Studios platforms led by vice president Ron Faris.

Dot Swoosh is a new Web3 platform and ecosystem that aims to become the home of Nike’s virtual creations including its infamous NFT collections. 

And indeed, Dot Swoosh users will be able to buy, display and trade digital and virtual products, unlock access to events and products, and co-create products. In addition, in the coming months, Nike Virtual Studios will hold events in six cities-Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville, and New York-to distribute access codes, with a focus on inclusion. 

Nike enters the new virtual world with NFTs on Dot Swoosh

While a first digital collection will launch in January 2023, Dot Swoosh is the result of work that has been ongoing for some time. Indeed, last May, Nike reportedly purchased the ENS domain “dotswoosh.eth” for 19.72 ETH (about $38,000 at the time) specifically to dedicate it to the project. 

Not only that, looking into the future, the NFTs and virtual products to be featured on Dot Swoosh would represent a new beginning. In this regard, Ron Faris said:

“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.”

This suggests that Nike may also be working on creating its own metaverse. But while this is just a theory, what is certain is that the Dot Swoosh project is exclusive to Nike. In fact, as Nike looks at how sports is evolving, it also seems to be looking at new ways to reimagine community, co-creation, and loyalty. 

One year since the acquisition of Rtfkt

Exactly one year ago, Nike acquired Rtfkt, signing its first entry into the NFT and metaverse worlds. 

And indeed, to date, the US giant would have already made at least $185.3 million in revenue on Web3 products, such as Rtfkt’s NFTs and the company’s pre-acquisition Web3-native NFT collections. 

The very first Nike sneakers for the metaverse made with Rtfkt were the Nike Cryptokicks, whose NFTs were launched on OpenSea and traded for over 2.9 ETH, the equivalent of €8,500 at the time. 

Not only that, Rtfkt’s collection of CloneX NFT avatars accounted for about half of Nike’s total revenues, demonstrating how important the acquisition was to Nike’s Web3 strategy.