JVTech News NFT: Nike plans to sell virtual sneakers and apparel
While the NFT market is at its worst since the beginning of the year, some giants continue to adopt the technology. Nike, the world’s most influential sports equipment supplier, will soon offer its own online platform for collecting exclusive NFTs from the brand.
Nike releases .SWOOSH, its first NFT platform
The brand with the iconic comma logo is not determined to abandon non-fungible token (NFT) technology any time soon, despite the uninviting industry environment. Indeed, as the specialized website Theblock shows, the NFT trading volume has been in freefall since the bursting of the speculative bubble in January 2022.
However, it is important to note that this highly volatile behavior generally goes hand in hand with the development of a fledgling industry. So according to Nike, these numbers don’t really speak to the technology’s potential in the future. For this reason, the sportswear brand intends to invest heavily in NFTs.
As a reminder, an NFT is a virtual certificate in the form of a token associated with an “object” (an image, video, document, and anything else virtual or physical). Released on the blockchain (network with transparent online registry), they are used, among other things, to certify the ownership of a “collector’s item” on the Internet.
To definitively establish itself in this new market, Nike intends to release a platform dedicated to its virtual creations. Called .SWOOSH, the platform, still in a BETA version, will allow users to exchange interactive digital objects in the form of NFTs. One can imagine that these future NFTs will take the form of sneakers or digital clothing.
If at first glance it may seem quite restrictive to have a pair of virtual shoes in terms of experience, we can bet that these future digital objects will offer multiple possibilities. Indeed, NFTs could very well be integrated into various virtual universes such as video games or the metaverse. In this sense, if you own a pair of Nike sneakers in NFT, you will be able to wear your avatar in various games.
Based on the Polygon blockchain, Nike NFTs can be resold on multiple secondary markets and even directly on Instagram, since in effect, Meta’s social network plans to make Instagram a true NFT marketplace.
For the moment no NFT is available yet, it will be necessary to wait for January 2023 to see the birth of the first collection of digital objects on .SWOOSH.
The ambition of this project is to create a real HUB for the brand’s digital products where you can buy and resell Nike NFT, but also “co-create” your own digital objects.
That’s right. Some of you will have the chance to learn how to create virtual creations that can be worn in video games and experiences. And, for a select few creators who win our community challenges, you can earn a royalty on the virtual products you create together to us,” Nike explains in a statement.
A step forward towards NFTs for Nike
Nike is not in its first attempt with the sector as in December 2021 the company bought the very popular collection of virtual avatars: RTKFT.
Since then, the Swoosh brand has launched a multitude of digital objects in the form of RTKFT-based NFTs. Precisely, last April, Nike had released a first collection of virtual sneakers which gave owners the right to purchase the same physical shoe in a limited edition.
These various initiatives allow the brand to react to the competition. In fact, Adidas is also in the game. The 3-Stripes brand has also released several collections and has even concluded a long-term partnership with the very popular digital monkey collection named Bored Ape Yacht Culb (BAYC).