Nike launches a Web3 marketplace, saying users will be able to contribute to a product design – and profit from the sales.
The world’s largest sportswear brand is ramping up its investment into the metaverse with the launch of a .Swoosh platform, which it envisions as both a virtual store and a community for its members.
Nike said users would be able to learn about and collect its virtual products, as well as show them off in digital games and immersive experiences. In some cases, purchasing digital items would unlock access to physical products or live events.
Eventually, members would be able to enter design challenges and “co-create” Nike’s virtual objects, such as sneakers or jerseys, earning royalties from any subsequent sales.
“We are shaping a marketplace of the future with an accessible platform for the Web3-curious," Ron Faris, head of Nike Virtual Studios, said in a statement. "In this new space, the .Swoosh community and Nike can create, share, and benefit together."
The platform is based on its own domain, welcome.swoosh.nike, and is officially launching on November 18. Its first virtual collection will drop in January.
Nike already dwarfs other fashion brands when it comes to sales generated from NFTs. It earned close to $200 million from selling digital products, according to blockchain research company Dune Analytics.
This far outpaces its closest rivals Dolce & Gabbana, which earned nearly $25.65 million from NFT sales, and Tiffany & Co., which generated $12.62 million.
Nike has consolidated its leading metaverse position largely thanks to the acquisition of a digital design studio RTFKT last year, and its presence on, a games platform.
More from Cybernews:
Subscribe to our newsletter