The latest venture from Nike is a metaverse play called-.Swoosh is a Web3-enabled platform where individuals will be capable to purchase its virtual products. It’s basically a marketplace, which makes sense because the breathlessly hyped internet of the future is much like the internet of the present overwhelmed by commerce.
Swoosh exists on a domain called “.nike” and will be an exploratory digital space for registered members. It’s presently in beta, and registration to join opens 18th of November (Today).
Initially, the platform will focus on community building and present members with “challenges” to get a feeling of what they want to see. The brand’s first virtual collection of footwear, apparel, and accessories will launch on Swoosh in January 2023, shaped via activities such as interactive voting. Members will thereafter be able to collect and trade these digital-only products; the platform will utilize cash (USD), not a cryptocurrency, though all transactions will be registered on the Polygon chain.
Virtual clothing from brands is nothing new, but Nike has taunted that Swoosh’s community challenges will extend next year to contain competitions in which members can win a chance to codesign virtual Nike products with the brand’s designers and gain a percentage of royalties.
But before would-be sneaker designers get too excited, details on just how this creator economy will work like say the selection process, how design collaborations will take place, what percentage of revenue will people acquire, what legal frameworks will be in place to ensure codesigners get paid are extremely unclear.
Nike remarks that its domain exists to assure it is a safe, trusted space where members can manage virtual creations, such as virtual shoes or jerseys. What appears clear is that the competition structure, as with the branded domain, will protect Nike’s top ownership and oversight of activities, which doesn’t just sound with the decentralized Web3 ethos.
With dotSwoosh, Nike has actually arrived a bit late to a crashed NFT market reason being the complicated situation surrounding the FTX cryptocurrency exchange collapse, and it’s way too early for any articulated metaverse. However, the success of this venture will have little to do with either timeline, and everything to do with how well Nike entangles its physical and digital products. Because at the very least, a stunning digital shoe sure beats a stodgy emailed ticket.
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