Category: Sport and Leisure

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Nike Launches Web3 Platform .SWOOSH to House NFTs

Global footwear giant, Nike, has announced the launch of its new NFT platform which is touted to become the centrepiece of the brand’s push into Web3.

The platform, known as .Swoosh, will feature Nike’s virtual apparel and footwear creations, which will be able to be purchased, traded and used in a range of yet to be announced Web3 games and “other immersive experiences”. 

.Swoosh, which runs on the Polygon blockchain, will also provide future opportunities for select co-creators to partner with Nike to make NFTs on the platform and earn royalties. 

.Swoosh Nike’s Latest Push Into Web 3

Nike has slowly been increasing its adoption of Web 3 tech over the past few years — in 2019 the brand filed a patent for Web3 enabled sneakers known as ‘Cryptokicks’ and in 2020 Nike acquired fashion NFT startup RTFKT Studios.

The launch of .Swoosh however, suggests a more strategic approach and deeper commitment to Web 3 from Nike. In the release announcing the launch of .Swoosh, Nike spelled out its ambitious hopes for the new platform saying its purpose is to “expand the definition of sport” by “democratising the web3 experience so that everyone can collect, create and own a piece of this new digital world.”

Speaking on the launch of the new platform, Ron Faris, General Manager of Nike Virtual Studios further explained:

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

Ron Faris, General Manager of Nike Virtual Studios

.Swoosh will remain in invite-only beta for the rest of 2022, with the first collection planned to be launched sometime in 2023. 

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NFTs Sport and Leisure

Atlético de Madrid and STEPN Partner in New NFT Sneaker Collection

Spanish football club Atlético de Madrid announced this week that it will be forming a partnership with Web3 lifestyle app STEPN to develop a new NFT collection of sneakers:

These NFTs are Made for Runnin’

STEPN and Atlético de Madrid FC will collaborate with the WhaleFin exchange to release more than 1,000 pairs of digital football boots/sneakers, all compatible with STEPN’s run-to-earn app.

Those acquiring the footwear will receive exclusive access to physical Atlético de Madrid merchandise, WhaleFin airdrops, and in-person match tickets.

Over the previous year, STEPN has been prioritising the growth of its Solana-based fitness application, which reported healthy Q2 earnings of US$122.5 million. Currently, the NFTs STEPN requires for gameplay trade at a floor price of 1.58 SOL (US$65).

STEPN is now focusing on “creating win-win partnerships for partner brands and also the users through real-world rewards and perks”, according to chief marketing officer Shiti Rastogi Manghani.

Nike NFT Sneakers Already to Market

STEPN is not the only brand to launch an NFT sneaker collection. Nike launched the ‘CryptoKicks’ collection in April this year and the debut of its Ethereum NFT sneakers followed its December 2021 leap into the metaverse via the acquisition of digital art house RTFKT Studios. CryptoKicks can be modified via ‘Skin Vials’ for a unique range of styles and aesthetics.

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Binance Becomes Official Crypto Partner of 64th Annual Grammy Awards

Binance has entered a partnership with the Recording Academy to become the first-ever crypto exchange partner for the 64th annual Grammy Awards, to be held on April 3 at the MGM Grand Garden Arena in Las Vegas, US.

As per a statement from Yi He, co-founder of Binance, partnering with the Recording Academy will bring “fresh new experiences powered by blockchain and all the great things Web3 technology can bring to entertainment”:

There are no further details about the partnership as yet. However, it appears Binance is already rolling out plans to make it more than just a branding opportunity. As per the statement:

Binance will continue to work with the Recording Academy throughout the year to bring various Web3 technology solutions and experiences to the organisation’s members, events and initiatives.

Binance statement

Crypto Permeates Entertainment Industry

The increasing popularity of NFTs (non-fungible tokens) is making it harder for leading organisations in the entertainment industry to ignore the potential opportunities to work with this emerging sector, which is taking over the mainstream at a fast pace.

This is the second time the Recording Academy hass collaborated with crypto companies. As Crypto News Australia reported last November, the organisation announced that NFT collectibles would be awarded as prizes at the Grammys thanks to a collaboration with Tezos-based NFT platform OneOf:

Crypto Also Increases its Sports Presence

Binance is not the only exchange making waves in the entertainment world. Just a week ago, Crypto.com became the official crypto sponsor for the 2022 FIFA World Cup, with the objective to bring awareness of the brand to billions of users who tune in to watch the tournament.

In January, Crypto.com also announced a five-year A$25 million sponsorship deal with the Australian Football League for both its men’s and women’s competitions.