Nike is Launching and Essentially Rebranding its NFT Marketplace

Nike is launching its own digital trading platform from a rebranded NFT marketplace

Nike recently announced its very own digital trading platform, .SWOOSH, where fans can buy virtual branded merchandise. But it’s essentially a rebranded NFT marketplace that’s light on details and buries the part about Nike owning users’ designs.

This isn’t the brand’s first foray into the metaverse or Web3. Over the past couple of years, it has been a prominent brand in Fortnite and more recently, Roblox with NIKELAND. This allowed users — mostly kids — to participate in virtual events and games. Virtual merch drops and purchases have also enabled the brand to create digital ambassadors within the Roblox metaverse as users walk around in its gear.

The company even launched a CryptoKicks NFT collection on the Web3 marketplace OpenSea. All of these toe tips into Web3 seemed to be in preparation for Nike launching its own user-focused platform.

There’s not a great deal of detail surrounding the .SWOOSH yet. What we do know is that the plan for the marketplace is to drop its first virtual merch run sometime in January. And despite the Web3 marketing attached to the platform, items can’t be bought with cryptocurrency – just US dollars for now. The platform is currently in beta testing with select users who have been granted access codes. According to the site’s blog, some of these have gone to participants of. SWOOSH with sessions currently happening in select cities across the US.

While .SWOOSH will begin as a marketplace for users to buy digital versions of shoes, jerseys, etc, Nike promises that, eventually, the ‘community’ will be able to co-create virtual products as well. “That’s right. In this world, some of you will get the chance to learn how to build virtual creations that can be worn in video games and experiences.” A .SWOOSH blog post reads.

“And, for the select few creators who win our community challenges, you can earn a royalty from the virtual products you co-create with us.” Nike also claims that the virtual merch will be usable in video games and other online experiences at some point, but provides no further details.

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