Nike Launches Web3 Platform Offering Virtual Apparel and Other NFT-Based Products

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Sportswear giant Nike has launched a new Web3 platform .Swoosh, which will be used to launch virtual apparel for avatars like T-shirts and sneakers.

Nike became one of them Biggest fashion-world player In Web3 in mid-December last year when the company acquired RTFKT is a virtual sneakers company that makes NFTs and digital sneakers for the metaverse.

To further its Web3 efforts, the apparel giant has announced the development of G.Swosh, a new project designed to spotlight the brand’s NFT and virtual apparel initiatives, with co-opted customers. The future includes ways to be a creator and share in digital. Product royalty.

The project is under Nike Virtual Studios, which is led by Ron Faris, former head VP of Nike’s Snickers app. vogue business, It will be home to Nike’s virtual creations and is expected to go live by this Friday.

“When you think of a virtual product like a virtual product, it’s not just a shoe; It’s product and experience, service or utility, as Nike VP Ron Faris reportedly said.

Specifically, Nike’s NFT apparel will be minted on Polygon, a Layer 2 scaling solution that runs alongside the Ethereum blockchain. according to a fast company According to the report, Nike plans to sell the digital sneakers for less than $50 per pair.

In a Twitter thread, RTFKT clarified that the studio is indeed assisting Nike as it further expands into Web3. The company said that Nike will release digital apparel for RTFKT’s Clonex NFT avatars, which they can use in owner-supported Web3 gaming and the Metaverse world.

“.SWOOSH is a platform for Nike’s virtual creations to be more accessible and to engage the next millions of people in the wonderful world of Web3 and digital assets,” RTFKT Told,

It’s worth noting that Nike has been Most successful With your entry into NFT. Last November, the company filed seven patents, revealing plans to manufacture and sell virtual shoes and apparel. A few days later, it launched Nikeland—a Roblox universe full of online games and virtual products.

Within five months of its launch, Nickeland gathered seven million visitors. Meanwhile, Nike’s purchase of the RTFKT started to pay off. As of September, the company had generated over $185 million from the sale of its NFTs and received over $93 million in royalties.

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