Nike launches .Swoosh, its official Web3 NFT platform

Nike launches .Swoosh, its official Web3 NFT platform

In the face of a falling crypto market rocked by the FTX exchange bankruptcy scandal, one company is pushing ahead with its Web3 platform.

Nike has launched its .Swoosh Project, an NFT marketplace built on the Polygon blockchain. While the timing of the launch has a few ticks scratching, Nike believes that NFTs aren’t going anywhere anytime soon and that it’s better to be in than out when it comes to Web3 and crypto.

Nike launches its .Swoosh Web3 platform

Nike’s .Swoosh platform will be the focus of efforts to push Web3 services. It will feature NFTs for all manner of virtual Nike apparel, including iconic sneaker designs, clothing lines, collectibles, and more.

There’s also the promise of future collaborations with Nike-sponsored professional athletes, unique real-world benefits for owning Nike NFTs, and an entire ecosystem of Web3 integration.

Nike NFTs haven’t appeared out of the blue. In 2021, Nike acquired NFT and digital apparel startup RTFKT. It has also trademarked its name, “swoosh” logo and “Just Do It” slogan for use with virtual goods, signifying an imminent foray into digital apparel and Web3 services.

The .Swoosh platform itself will use Polygon (what is Polygon?), an Ethereum Layer-2 network that enables faster transactions with lower gas fees. It’s a slight departure from previous Nike NFT drops, which used the “regular” Ethereum blockchain. Switching to Polygon makes sense, as the sidechain is faster and it’s usually easier to scale up operations.

Currently, little is known about prices. How much does Nike charge for their NFT sneakers? Some estimates put the price at around $50, but without a single word from Nike, it’s just speculation.

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Nike’s official blog post doesn’t reveal much either:

Starting in the new year, you will be able to buy and shop. But first we learn. It’s a process we’re still refining, and we can’t do it without you. Accelerating a culture of innovation takes time and teamwork.

The first .Swoosh NFT drop will take place in January 2023. Nike will likely drop hints about what the NFT drop will include in time, but it will likely include Nike sneakers, jerseys, and similar digital apparel.

Nike and RTFKT’s first NFT release, CryptoKicks, was well received and took collectors through a series of puzzles to unlock the NFTs. Whether we’ll see the same steps for the full launch of the .Swoosh remains to be seen.

User registrations for .Swoosh are expected to open in November 2022, but there is no set date. The first registrations will gain access to the beta .Swoosh platform, which will be fully launched in January 2023.

Until then, start saving your Ethereum because buying the best NFT drip won’t be cheap.

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