American multinational corporation, Nike, seeks to launch a Web3 platform to sell Polygon-based NFT products due in 2023. What will this platform contain?
Nike collaborates with the blockchain scaling platform, Polygon, to launch “.Swoosh”. The platform seeks to position itself as an epicenter for virtual apparel which will feature Nike’s iconic array of clothes in the form of digital assets.
The web3 platform will feature several digital apparel such as t-shirts, sneakers, accessories, and other collectibles that can be used to dress digital avatars. Additionally, several perks are also included such as virtual events and exclusive products in which the company plans to release its first NFT drop in January 2023. Through its platform, customers can become co-creators that can share digital product royalties with Nike.
The project is in its closed beta phase. Registrations will soon be open to the public but individuals can join the waitlist by signing in using their Nike account on the page. Users will be able to be informed quickly once they are included in the list.
NFTs are digital art or items representing ownership, such as digital clothing, avatars, or art. They are nonfungible which means they are unique and cannot be substituted or replaced. For now, they are mostly treated as digital assets that can be traded among users in an online marketplace.
NFTs and Business
NFTs currently have many uses in the current web3 era. They are used in gaming, collections, digital art, and can even represent real-world assets such as your house. In Nike’s recent partnership with Polygon, the Ethereum-based blockchain will serve as the avenue where Nike’s NFT apparel will be minted.
This is part of Nike’s efforts to integrate its services into web3. So far they have generated over $100 million in NFT sales alone. Using Nike’s decades’ worth of branding coupled with Polygon’s technology and web3 expertise, the company seeks to cement its slice of the growing business in the metaverse pie.
The introduction of NFTs has made businesses flock towards its monetary potential. Some companies even utilize these as part of a crowdfunding strategy to accumulate capital. However, this isn’t Nike’s first rodeo into web3. Nike acquired an NFT sneaker studio last year, RTFKT Studios, due to plans to extend its digital footprint in blockchain-based branding.
Similar to Nike, Adidas also ventured into web3 by collaborating with Bored Ape Yacht Club creators Yuga Labs. One specific way how companies view web3 is how it can serve as a brand-new marketing strategy Brands see the early metaverse as a “testing ground” of whether this new venture is profitable or not. As such, for now we will see much more companies and brands taking strategic steps in conducting different ways of taking ground into web3.
Edmond is a passionate writer for Video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news websites.