Nike Releases 'Dot Swoosh' for Blockchain-Based Projects

Dot Swoosh will allow users to showcase their products and trade virtual and phygital products.

Nov 15, 2022
by Michael
Nike Releases 'Dot Swoosh' for Blockchain-Based Projects
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Dot Swoosh 

Nike has launched a new platform, 'Dot Swoosh', that will run on the domain Swoosh.Nike. The project was built by Nike Virtual Studios led by VP Ron Faris, the immediate past head of Snkrs app. The project will launch on Friday, November 18, and anyone can register using an access code released at live events across the United States.

The new platform will be home to Nike's virtual creations, allowing users to trade and showcase phygital and virtual products and access product releases and events. The first digital collection will be available by January next year.

Nike is confident it will be able to expand its reach in Web3 and educate customers on emerging technologies such as NFTs, crypto, and blockchain. Nike Virtual Studios will host events in six cities in the US – Atlanta, New York, Charlotte, Louisville, Los Angeles, and Tallahassee.

According to the VP, Nike would gradually launch the products as it doesn't see virtual products as the 'end of the purchase journey.' He also said that the company would focus on co-creation by allowing fans to contribute to design elements, selling their own co-created products, and earning royalties on digital goods. Users can create endpoints under the Nike domains and showcase their virtual goods. 

Nike Leads Fashion Brands in Blockchain Space

Nike purchased the ENS domain dotswoosh.eth earlier this year for 19.72 ETH, or around $38,000 at the period. 

Nike has retained its status as the top fashion brand in the metaverse despite the stiff competition in the space. Nike generated a mouthwatering $185 million revenue from NFT tales, far higher than numbers from Gucci, PUMA, Adidas, etc. Nike's success in the space can be linked to its acquiring NFT startup RTFKT which made it possible to blend virtual products and experiences with its branding rights.

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