The Nike metaverse is expanding. The iconic sportswear brand introduced a new Web3 platform called .Swoosh where people can shop and design virtual products. The Metaverse platform will house Nike’s digital products for online gaming and immersive experiences.
Over time, Nike plans to develop .Swoosh to buy, sell and trade digital merchandise in exchange for a share of the profits.
The Nike Metaverse
.Swoosh will be Nike’s virtual home. The platform will contain all digital products that can be used in video games and other immersive experiences.
The company has been preparing for the Nike metaverse for over a year. IN November 2021, CNBC reported that Nike filed several new trademarks that showed an intent to sell virtual branded shoes and apparel. At the time, experts predicted that the company was preparing to start selling virtual clothing, hats, and shoes, in virtual worlds and online.
“We are shaping a marketplace of the future with an accessible platform for the web3 curious,” said Ron Faris, general manager of Nike Virtual Studios. “In this new space, the .Swoosh community and Nike can create, share and benefit together.”
The .Swoosh space: authentic and diverse
The blockchain-powered platform will also allow users to connect with celebrities and access virtual merchandise. “You can collect, trade and flex virtual Nike products. You can go to real life events with your virtual token-controlled creations,” Faris said. In some cases, users will also be able to access real products and events.
Registration in the Nike metaverse is scheduled to begin later this month on a rolling basis. The sports brand will prioritize building a diverse community on .Swoosh with a focus on the US and Europe. What
According to Nike’s blog posts, the .Swoosh has a lot lined up for the next few months and will gradually launch multiple offerings for the virtual space. Starting in 2023, the platform will experiment with token-controlled virtual events and activities. The Swoosh community will push the brand’s new offerings directly into the hands of the public.
Also, the Swoosh is different from Nike’s Web3 RTFKT studio.
As blockchain technology gained traction over the past two years, Nike entered the race by acquiring RTFKT in December 2021. The Oregon-based firm also partnered with popular gaming platform Roblox to launch “Nikeland,” a digital world where fashion and games meet. Although Roblox has yet to integrate NFTs, Nikeland will most likely use them in the future and encourage users to own their clothes. Nike isn’t the only brand creating digital products. Givenchy, Ralph Lauren, and Tommy Hilfiger have their own slots on Roblox.
If Nikeland is any indication of how the .Swoosh will develop, skeptics can be sure it will attract millions of users. More than 6.7 million have visited Nikeland to date.
Eventually, Nikeland could be absorbed by the .Swoosh as the brand builds its virtual empire. Experts also see this as a sign that Nike is preparing to launch its own NFT in the near future.
The Metaverse Market
The company recognizes the potential of a digital space and is focused on building more experiences for its users. CEO Jack Donahoe previously revealed that Nike Virtual Studio will continue to build its business “while partnering with our core business to deliver the best experiences based on Web3, Metaverse and blockchain.
Creating metaverse experiences will help Nike advance its direct-to-consumer strategy. It helps the company control the narrative from start to finish, while accumulating relevant data about its consumers.
According to global data According to estimates, the global metaverse industry is expected to grow to $996.42 billion by 2030. Having a metaverse account helps brands access a niche market and connect with their customers. Brands can also experiment with product lines and receive direct customer feedback on what works and what doesn’t. Interactive experiences also allow customers to engage with a brand in a meaningful way and build customer loyalty.
The metaverse can also function as a testing ground, before physical products are released. As virtual worlds present a new frontier, a quick study of what the competition is doing and what experiences people are looking for will help brands break new ground.