The American multinational Nike wants to launch a Web3 platform in 2023 for the sale of polygon-based NFT products. What does this platform entail?
Nike partners with blockchain scaling platform Polygon to launch .Swoosh. The platform aims to position itself as the epicenter of virtual apparel, offering Nike’s iconic garments in the form of digital assets.
The Web3 platform offers various digital clothing items such as t-shirts, sneakers, accessories and other collectibles that can be used to dress up digital avatars. There are also several benefits such as virtual events and exclusive products. The company plans to release its first NFT collection in January 2023. The platform allows customers to become co-creators who share royalties on digital products with Nike.
The project is in closed beta phase. Registrations will be open to the public soon, but individuals can be placed on the waitlist by logging into the site with their Nike account. Users are quickly notified when they are added to the list.
NFTs are digital art or items that represent property, such as B. digital clothing, avatars, or art. They are non-counterfeiting, meaning they are unique and cannot be replaced or exchanged. At present, they are usually treated as digital assets that can be traded between users on an online marketplace.
Nike and the NFT business
NFTs have many applications in the current Web3 era. They are used in games, collections and digital art and can even represent real-world values such as your home. In Nike’s recent partnership with Polygon, the Ethereum-based blockchain will serve as Nike’s way of minting NFT apparel.
This is part of Nike’s efforts to integrate its services with web3. To date, they have made over $100 million in sales from NFT alone. With Nike’s decades of branding and Polygon’s technology and Web3 know-how, the company wants to secure its stake in the growing business in the Metaverse.
The advent of NFTs has led companies to appreciate their monetary potential. Some companies even use them as part of a crowdfunding strategy to raise capital. However, this isn’t Nike’s first rodeo in web3. Nike acquired an NFT sneaker studio, RTFKT Studios, last year to expand its digital footprint with blockchain-based branding.
Conclusion
Like Nike, Adidas also ventured into web3 by partnering with Yuga Labs, the developer of Bored Ape Yacht Club. One particular way companies look at web3 is how it can serve as an entirely new marketing strategy. Brands see the early Metaverse as a “testing ground” to determine whether or not this new venture is profitable. As such, in the near future we will see many more companies and brands taking strategic steps to enter web3 in various ways.
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for leading GameFi companies and video game/crypto news websites.