Tag: Nike

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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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Crypto News NFTs

NFTs Good for Business: Nike and Gucci Rake in $260 Million in Sales

Dune Analytics has released data that illustrates the true revenue-earning potential of NFTs for prominent lifestyle labels, with Nike and Gucci alone reportedly raking in approximately US$260 million in sales between them.

Fashion and leisure brands Dolce & Gabbana, Adidas, Tiffany, Nike and Gucci are reportedly reaping the rewards of their NFT seeds, following the release of new NFT revenue data showing the total NFT revenue for 13 companies. Nike sits at the top of the board with a whopping US$185 million:

According to the data, Nike has generated almost US$1.3 billion in transaction volume from secondary NFT trading, which adds to its primary sales (US$93 million) and generated royalties ($92 million). Nike has more than 14 collections under its belt that are working to generate these funds, with a significant portion of these (such as CloneX) attributed to the company’s recent acquisition of RTFKT. This has enabled Nike to make 6,362 ETH in the past month alone, despite the crypto winter.

While many of the companies on this list seek to purely optimise ‘revenue per user’ through NFT drops and merchandise, others are using NFTs as an opportunity to establish deeper connections with their fans. Regardless of the motivation behind corporate involvement, the proof is in the pudding when it comes to the ongoing influence NFTs have on profits.

Almost $3B Spent on Minting in 2022

Not only has an extreme amount of money been spent on the purchase of NFTs, but also on the minting of them. A recent report from blockchain analytics platform Nansen found that NFT fans have spent US$2.7 billion solely on the minting of art in 2022 so far. The findings were based on product activity from over 1 million unique wallet addresses.

However, just a week ago a lengthy list of celebrities found themselves in hot water with US consumer watchdog group Truth in Advertising. The group sent warning letters to 19 celebrities, including socialite Paris Hilton and pop star Justin Bieber, regarding the alleged shilling of NFTs via social media.