In 2019, Nike secured a patent for block-chain-linked sneakers called CryptoKicks, making them one of the leading brands in the NFT trading outburst. Since then, Nike has announced the launch of their new platform called .Swoosh, where customers can become educated about web3 and collect virtual products, such as sneakers or jerseys. Nike’s purchase of digital design studio Rtfkt in 2021 has guided them on this digital implementation journey. The hope is to honor the everyday loyal Nike customer in addition to crypto-literate pioneers.
Web3 is a revolutionary image for the future of the next-generation internet. Created as an inclusive platform, Web3 browsers contribute to and incorporate concepts of artificial intelligence and the Metaverse, aiming to deliver a new kind of internet service built around interactions with decentralized blockchain technologies.
As time spent in virtual places expands amongst varying groups, Nike is seizing the opportunity to transform these spaces in a way that allows consumers to be more involved in creative processes that would otherwise be tricky. For example, a select group of Nike community members will give visitors an access code to register and create a username. Nike Virtual Studios will host events in Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville, and New York during the coming months to distribute these access codes and spread innovation throughout places that haven’t previously been at the forefront of tech.
Eventually, in January 2023, Nike will drop it’s first .Swoosh collection. All virtual products will be priced in dollars instead of cryptocurrency. However, there will be a time users can connect their crypto wallets to move items into NFT marketplaces.
Nike believes this move in Web3 harnesses the power of great business opportunities for their business and platform users. Nike plans to host community challenges in 3D animation where winners can collect royalties on virtual item sales or even help forecast upcoming colorways.
This move into Web3 can transcend digital spaces and be a means to sell physical products later on and cultivate community.