Here’s Why Nike’s new NFT marketplace seems promising for 2023
This might onboard the next millions of people to web3. So here’s why I’m excited about Nike’s .SWOOSH NFT marketplace of virtual merch:
NIKE is working on a web3 platform called .swoosh where users will be able to collect and buy virtual sneakers/merch for games/metaverses that might be able to be redeemed physically.
But… there’s something that interested me out of everything else.
First of all, we know NIKE already had success in web3. After they acquired RTFKT, they made around $185.3M JUST in NFT sales, according to Vogue. Way more than their competition. The fact that they want to KEEP creating in web3 shows they believe in its future.
But what interested me a ton was that Faris (the GM of Nike) said that they intend to onboard the NIKE community to web3 primarily, and not the other way around.
They want to bring new users that are already used to buying every single Nike drop, to NFTs, through .swoosh.
We know how that worked the last time.
Reddit onboarded their forum community to NFTs and it was a total success. Millions of people entered the ecosystem AND enjoyed their avatars.
According to this Vogue article about Nike’s plans for .swoosh, one of the ways they plan to onboard their community is by hosting IRL events in 6 mainstream cities like LA and distributing access codes to the platform.
But that’s not the only thing. Nike plans to CO-CREATE products with artists (with a % of the royalties going to the artist). Members that win community challenges will be able to collab with Nike on products, said by Nike itself.
Nike has ALREADY collab’d with web3 artists before, one of them was @visionofviii (artist of upcoming project @ether). This was the shoe:
What do we know as of now?
⚪️ According to Nike (not @RTFKT) they will drop a digital collection in 2023, after that the community challenges will start
🟣 .SWOOSH launched at the end of 2022 but is still in beta (there’s not a lot of info yet).
Sources
Thank you for reading! I constantly create write-ups on the NFT market and report data. I recommend reading the two articles quoted above by Vogue and Nike! If you liked this, follow @suppvalen for more content + snoopy gifs!
