3 February 2023
Despite the fact that the FTX exchange bankruptcy crisis has sent the Cryptocurrency market into a tailspin, one business is continuing to operate its Web platform. Nike has unveiled their .Swoosh pro is a Cryptocurrency decentralized exchange (DEX) developed on the Polygon network. Nike is betting that NFTs are really not going away soon and that it's better to be in than out when it comes to Web3 and Cryptocurrency, despite the fact that the timing of the launch has caused some eyebrows to raise.
Nike's primary goal in its Web3 initiatives is to promote their Non-Fungible Token as well as digital clothing collection, both of which are shown on the Swoosh portal. In addition, it's going to give users the chance to make their own items and receive royalties. For Web3 gaming avatars, the business is rumored to release a collection of virtual clothes, including T-shirts and shoes. Customers will be able to interact with professional athletes and have access to unique physical gear goods. Its main rival, Adidas, likewise offers products and Web3 perks via NFT programs.
Nike Bets Big on NFTs, Web3, and Metaverse
The launch of the .Swoosh NFT will take place in the first month of 2023. Some indications have already been dropped by Nike, suggesting that the NFT launch would include shoes, jerseys, as well as other Nike-branded virtual gear. The inaugural NFT drop from Nike and RTFKT, CryptoKicks, was met with acclaim from collectors since it required them to solve a series of riddles in order to get the NFTs. It is uncertain if the same procedures will be used for the official release of .Swoosh. Polygon, an Ethereum Layer-2 network, will be used for the. Swoosh platform itself, allowing for speedier operations with cheaper gas prices. This is slightly different from the "normal" Ethereum blockchain utilized for past Nike NFT deliveries. To take advantage of the sidechain's increased speed as well as the reduced difficulty of scaling up, it is prudent to adopt Polygon.
Nike's NFT apparel would've been manufactured on Polygon, an Ethereum sidechain platform, although previous Nike and RTFKT drops have all been made available on this Ethereum mainnet. A Fast Startup article claims that Nike would sell their smart sneakers for less than $50. Ever since then, Nike and RTFKT have collaborated to develop CryptoKicks, a pair of virtual NFT sneakers built on Ethereum and capable of being personalized with Skin Vial Non-Fungible Tokens. For the ENS namespaces “.Swoosh” and “.ETH," Nike paid about $35,000 in ETH back in May. RTFKT's flagship product is the CloneX PFP software, which was created in collaboration with renowned artist Takashi Murakami and released in November 2021. CryptoSlam statistics show that the initiative has generated about $762 million in secondary market trading activity. Public blockchain data published by Dune show that Nike made $92 million total from NFT trading royalties and core NFT income in 2017.
Nike-Branded NFTs Ready for the Metaverse
It is likely that. Swoosh user registrations had already begun in November of 2022. Those who join up first would be granted admittance to the beta. Swoosh system, which will go live in its entirety in the first month of 2023. You'd better start putting away some Ether now if you want the greatest NFT infusion later, since it's going to cost you.
Nike's .Swoosh platform is supposed to be the hub of its Web3-based virtual operations. It's meant to draw attention to the company's NFTs and virtual clothing projects, such as their plans to provide consumers more opportunities to collaborate on and profit from digital products in the future. As per Vogue Business, the corporation wants to slowly add additional users to the exclusive platform through the end of the year, with the first NFT drop scheduled for January 2023. Over the last week, Nike has been accepting new user registrations.
Would Nike’s Customers Be Interested in .Swoosh?
Half of Nike's regulars feel that having virtual currencies like NFTs, Bitcoin, digital property, as well as lands in the Metaverse is a big possibility, according to YouGov Profiles, which encompasses demographic, psychographic, attitude, and behavioral consumer indicators. While 69% of college students agree with the statement, just 31% of the entire US population does. The goal of Nike's .Swoosh initiative is to "level the playing field" and "inform" and "onboard" more members of the Nike network, especially those who may be reluctant to discover the Metaverse. From a demographic perspective, Millennials may be the most interested, since they account for 56% of Nike's consumers who think the ability to own digital assets in the Metaverse is a major possibility. Next comes Gen X at 28%, then Gen Z at 12%.
Good news for Nike is that eighty percent of its buyers who think controlling properties the same as NFTs in the Metaverse is a major opportunity also think they have a firm grasp on what the Metaverse really is. Among those who aren't, just 18% are unsure. The introduction of Nike's .Swoosh domain coincides with a moment of great upheaval in the NFT industry generally and in the Crypto industry in general. If recent events have a snowball impact on Nike's consumers as well as cause them to change their existing opinions about the Metaverse, then that bodes well for the maiden Swoosh's digital drop in the first few months of 2023.
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Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.