In April of 2021, the company introduced virtual Nike sneakers as Ethereum NFTs after acquiring Web3 studio RTFKT. With RTFKT, an NFT and online fashion company it purchased in late 2021, Nike is one of the most significant participants in the fashion sector in Web3, and we’re seeing the retail giant steadily introduce all its identity into the field, too, though. The .Swoosh portal is positioned as the focal point of Nike’s Web3-related digital initiatives. It is intended to draw attention to the company’s NFTs and digital clothing projects, as well as upcoming opportunities for consumers to create new products and earn royalties.
Nike will utilize the system as a center to introduce virtual clothing for avatars which could be used in Web3 activities, such as t-shirts with sneakers. Additionally, it will use Web3 technology to provide consumers access to tangible advantages like special physical clothing or conversations with professional sportsmen.
As per Vogue Business, the corporation intends to progressively allow more users onto the exclusive network through the year’s conclusion before the initial NFT launch in January 2023. By purchasing RTFKT in December last year, Nike launched its first big foray into the NFT sector, which saw a trading volume reaching $25 billion in 2021.
While earlier Nike & RTFKT drops were all released upon this Ethereum mainnet, the NFT clothing from Nike would be produced on Polygon, another Ethereum sidechain platform. According to a Fast Company piece, Nike reportedly intends to offer digital shoes for much less, under $50 a pair.
Since that day, Nike & RTFKT have worked together to create CryptoKicks, Ethereum-based virtual NFT shoes that can be customized with Skin Vial NFTs. In May, Nike paid roughly $35,000 in ETH for Ethereum Name Service (ENS) title dotswoosh. eth. The CloneX PFP program, developed by RTFKT in conjunction with renowned artist Takashi Murakami & introduced in November 2021, is the company’s most well-known endeavor. According to data via CryptoSlam, the program has thus far created a secondary market volume of trade of almost $762 million. Nike earned $93 million in core NFT revenues and another $92 million via NFT trading royalty, per public blockchain statistics compiled by Dune.