NFT: Nike plans to sell virtual sneakers and apparel

JVTech News NFT: Nike plans to sell virtual sneakers and apparel

As the NFT market records its worst figures since the beginning of the year, some giants continue to use the technology. Nike, the world’s most influential supplier of sports equipment, will soon offer its own online platform for collecting brand-exclusive NFTs.

Nike Launches .SWOOSH, Its First NFT Platform

The brand with the iconic comma logo isn’t set to abandon non-fungible token (NFT) technology anytime soon, despite the sector’s inhospitable context. Indeed, as the specialist site Theblock points out, the volume of NFT exchanges has been in free fall since the bursting of the speculative bubble in January 2022.

However, it is important to specify that this highly volatile behavior generally goes hand in hand with the development of a nascent sector. So, according to Nike, these numbers don’t really speak to the future potential of the technology. This is why the sportswear brand is looking to invest massively in NFT.

As a reminder, an NFT is a virtual certificate in the form of a token linked to an “object” (an image, a video, a document, and anything else virtual or physical). Issued on a blockchain (network with a transparent online ledger), these are used, among other things, to prove ownership of a “collectible object” on the Internet.

To establish itself permanently in this new market, Nike intends to launch a platform dedicated to its virtual creations. Called .SWOOSH, the platform, still in BETA, will allow users to exchange interactive digital objects in the form of NFTs. One can imagine that these future NFTs will take the form of sneakers or digital clothing.

If at first glance having a pair of virtual shoes may seem quite limiting in terms of experience, it is a safe bet that these future digital objects will offer many possibilities. Indeed, NFTs can be very well integrated into different virtual universes, such as video games or metaverses. In this sense, if you own a pair of Nike sneakers in NFT, you will be able to wear your avatar in different games.

Based on the Polygon blockchain, Nike NFTs can be resold on multiple secondary markets, even directly on Instagram – as indeed, Meta’s social network plans to make Instagram a real NFT marketplace.

At the moment, no NFT is available yet, it will have to wait until January 2023 to see the birth of the first collection of digital objects in .SWOOSH.

The ambition of this project is to create a real HUB for the brand’s digital products where you can buy and resell Nike NFT, but also “co-create” your own digital objects.

” It’s true. Some of you will have the opportunity to learn how to create virtual creations that can be worn in video games and experiences. And, for the select few creators who win our community challenges, you can win a royalty for the virtual products you co-create with us,” Nike explained in a statement.

One step closer to NFTs for Nike

Nike is not its first attempt with this sector as in December 2021, the company acquired the very popular collection of virtual avatars: RTKFT.

Since then, the Swoosh brand has launched a host of digital objects in the form of RTKFT-based NFTs. Just last April, Nike released the first collection of virtual sneakers that entitled owners to purchase the same physical shoes in a limited edition.

These various initiatives allow the brand to react to the competition. Indeed, Adidas is also in the game. The 3-stripes brand has also released several collections and has even entered into a long-term partnership with the very famous digital ape collection called Bored Ape Yacht Culb (BAYC).

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