Let’s talk about Nike’s Web3 strategy! The iconic brand has unveiled a new Web3 platform and ecosystem called “Dot Swoosh” (.SWOOSH), which is located on the Swoosh.nike domain. Nike seems to want to broaden the reach of its Web3 strategy, expanding beyond Rtfkt’s endemic customer base and tapping into its own.
The platform will allow people to buy, view and trade phygital and virtual products, as well as access events and products and co-create products, typically interactive digital objects such as shoes or virtual jerseys.
The project is led by Ron Faris, the head of Nike’s new Virtual Studios division, which leads Nike’s blockchain, web3 and metaverse strategies. Faris says the goal of the project is “to level the playing field” by educating and onboarding the Nike community rather than Web3 natives.
“When you think of a virtual product as a virtual shoe, it’s not just a shoe; it is the product and the integrated experience, service or utility. We don’t see this virtual product as the end of the shopping journey; this is the beginning of the journey”.
Nike hasn’t revealed the full interface, but DotSwoosh will evolve to include features like lace-up or color voting. According to Faris, people will be able to create their own destination under the “.nike” domain to display and eventually sell their products.
Faris spills the beans on Rtfkt’s tea, which heavily influenced Nike Virtual Studios. The first collection won’t be available until “early 2023”, according to Nike. The SWOOSH platform is currently in invite-only beta.
Nike’s Web3 project, RTFKT, bought DotSwoosh.eth ENS in May for 19.72 ETH (around $35,000).