The Nike dotSwoosh Web3 NFT virtual shoe platform launches this week
Although cryptos and NFTs are currently in decline, Nike is moving forward with the launch of the new dotSwoosh Web3 platform.
It’s an interesting week for Nike as they prepare to launch a virtual NFT shoe platform known as dotSwoosh. Nike has long been one of the most prominent athletic shoe companies around, and it looks like it’s taking that pedigree to the world of NFTs and Web3. DotSwoosh is a new platform where customers can design and buy virtual Nike shoes, apparel and limited-edition physical products. The platform has reportedly been in beta for a while and will be launched in full this week.
Nike announced the dotSwoosh’s launch date with an update on the virtual platform’s website this week. According to the website, dotSwoosh will officially launch in full form on November 18, 2022. This comes after Nike acquired Web3, blockchain and NFT developer RTFKT back in December 2021. Since then, the company has leveraged RTFKT’s talent and knowledge of the NFT space to develop dotSwoosh.
Source: RTFKT
According to Nike Virtual Studios division manager Ron Faris, it’s not just about appealing to NFT and Web3 enthusiasts, but also trying to reach those curious about the Web3 space by offering a product that Nike fans can be more comfortable with.
“We know we’re not just targeting Web3 natives, we’re targeting a more Web3-curious audience, people who are afraid to [buy NFTs] because it’s too confusing or difficult,” Faris told Fast Company in an interview.
That said, the dotSwoosh comes at a very turbulent time for crypto and NFTs. Crypto exchange FTX has collapsed and filed for Chapter 11 bankruptcy, and many businesses in the crypto space related to FTX are hurting. Meanwhile, the crypto space saw further losses earlier this year when TerraUSD and Luna cryptocurrencies reached a value of $0. 2022 has been a tough year in the cryptocurrency and NFT space, although groups like GameStop continue to invest with their NFT marketplace currently in beta.
Nevertheless, it seems that Nike feels confident enough to go ahead with the launch of the dotSwoosh. When it goes live on November 18th, stay tuned for more updates as they become available here on Shacknews.
