Nike has unveiled “Dot Swoosh,” a new Web3 platform. The footwear and apparel company has shown interest in Web3 technology, as well as the Metaverse and NFTs.
Its first foray into new territory was the purchase of RTFKT, a virtual design studio, last year. Nike sold out of its first NFT sneakers in record time, earning $3.1 billion in total sales.
“Dot Swoosh,” which is built on Polygon, intends to be a marketplace as well as a platform for collecting virtual creations. While celebrating sports culture, users can buy, sell, and trade Nike’s virtual creations.
Grab your kicks 👟
+ BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike is building their web3 experiences exclusively #onPolygon 💪🏾This is the first step of the journey, and we can’t wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX
— Polygon – MATIC 💜 (@0xPolygon) November 14, 2022
Nike is set to launch its digital collections next January. Registration for a limited number of users will begin on November 18. The company is also planning a six-city tour to educate consumers about Web3 and blockchain technology.
Nike Virtual Studios Vice President Ron Faris also disclosed,
“In the near future, the users of the platform will be able to connect their wallets to the trading platform so that the digital goods could be sent to other marketplaces as well.”
NFTs are digital assets that represent real-world items like music, videos, texts, and pictures. They are used to represent value and retain true ownership. Several other use cases have emerged since its meteoric rise in popularity in 2021.
NFT is a big deal in today’s fashion markets. According to Dune Analytics, fashion luxury brands such as Gucci, Dolce & Gabbana, Adidas, and Nike have earned a total of $235 million from NFTs.
Despite the fact that the crypto markets are in decline, the NFT sector appears to be gaining traction.
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