In the face of a declining crypto market rocked by the FTX exchange bankruptcy scandal, one company is forging on with its Web3 platform.
Nike has launched its .Swoosh project, an NFT marketplace built on the Polygon blockchain. While the timing of the launch has a few chins scratching, Nike is banking that NFTs aren’t going anywhere soon and that it’s better to be in than out when it comes to Web3 and crypto.
Nike Launches Its .Swoosh Web3 Platform
Nike’s .Swoosh platform will become the focal point of its efforts to push into Web3 services. It will feature NFTs for all manner of Nike-branded virtual apparel, including iconic sneaker designs, clothing lines, collectibles, and more.
There is also the promise of future collaborations with Nike-sponsored pro athletes, unique real-world perks for owning Nike NFTs, and a whole ecosystem of Web3 integration.
Nike NFTs haven’t popped up out of the blue. In 2021, Nike bought NFT and digital apparel startup RTFKT. It also trademarked its name, the “swoosh” logo, and its “Just Do It” slogan for use with virtual goods, signifying an imminent foray into digital apparel and Web3 services.
The .Swoosh platform itself will use Polygon (what is Polygon?), an Ethereum Layer-2 network that enables faster transactions with lower gas fees. That is a slight deviation from previous Nike NFT drops, which used the “regular” Ethereum blockchain. Switching to Polygon makes sense, as the sidechain is faster, and it is typically easier to scale up operations.
Currently, little is known regarding pricing. How much will Nike charge for its NFT sneakers? Some estimates put the price at around $50, but without a single word from Nike, it’s all speculation.
Nike’s official blog post also doesn’t reveal much:
Starting in the New Year, you’ll be able to buy and trade. But first, we learn. There’s a process we’re still refining, and we can’t do it without you. Accelerating a culture of innovation takes time and teamwork.
The first .Swoosh NFT drop will take place in January 2023. Nike is likely to drop hints about what the NFT drop will feature towards the time, but it’ll likely feature sneakers, jerseys, and similar Nike-branded digital apparel.
Nike and RTFKT’s first NFT drop, CryptoKicks, was well-received and took collectors through a series of puzzles to unlock the NFTs. Whether we’ll see the same steps for the full launch of .Swoosh remains to be seen.
User registrations for .Swoosh are expected to open in November 2022, though there is no set date. The initial sign-ups will gain access to the beta .Swoosh platform, which will launch fully in January 2023.
Until then, start saving your Ethereum, because buying the best NFT drip won’t come cheap.