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