Everything You Need to Know About Nike’s .Swoosh Web3 Platform
Non-Fungible Tokens have proven to be a disruptive technology that is fast taking over the technology space. As a result, many traditional companies have seized the opportunity to transition into Web3 using NFTs to grow their businesses. Nike is one such brand making waves in the industry, first through a series of NFT sales, then launching the .Swoosh platform to support its virtual wearables and grow its Web3 audience.
What is .Swoosh? How can you join, and what are the benefits you enjoy from using the platform? Read to the end to find out!
What is .Swoosh?
.Swoosh (pronounced dot Swoosh) is Nike’s Web3 ecosystem for its virtual wearables and NFT collections. The platform is a space for Nike Web3 users and customers to co-create and earn royalties on virtual Nike products.
The Platform launched in November 2022, following successful NFT campaigns by Nike. In August 2022, the company recorded a $185 million profit from NFT sales and $90 million in royalties. Launching the marketplace was therefore a way to further deepen its footing in Web3.
.Swoosh users can create, buy, sell, and trade NFTs on the platform. Likewise, its users also enjoy exclusive benefits such as access to real-life events or new project releases from Nike.
Through the platform, Nike is able to connect its physical and virtual products and create a unique experience for its customers. Users can order both physical and virtual wearables and apparel on the marketplace. For instance, a customer can pre-order a shoe on the platform and have it delivered to a physical location.
How does .Swoosh work?
.Swoosh works like most NFT platforms, what sets it apart, however, is its exclusive utility and perks. To use it, community members need a Nike-provided access code to sign up, however, that may change soon once it is opened up to the general public.
Like other marketplaces, users can buy, sell, trade, and exchange NFTs with other users. They can browse through virtual products, which include Nike’s virtual apparel or NFT collections created by other users.
For now, .Swoosh only supports payments made in dollars, thus, non-American users would have to convert their fiat or crypto to USD in order to use the platform. In addition, any transactions that do occur, are recorded on the Ethereum blockchain and made publicly accessible, with any NFTs related actions stored in a BitGo wallet for added security.
At present, .Swoosh is not available in every country, limiting access to select locations where users have been chosen to participate in the Beta test. However, this situation will change in the future when the platform becomes available to the public.
How can you join .Swoosh?
As explained earlier, .Swoosh is not open to the general public. Even though it launched last year, it is still in its Beta phase, and only those who have a special access code can join.
To get the code, those interested must first join the .Swoosh waitlist. To do this, they can go to the .Swoosh website, click on the “join” link to access their new profile. Upon taking these steps, a “Get Started” page comes up where they can complete the signup process.
Users granted membership receive a .SWOOSH ID, which gives them access to the marketplace. Once in, they can then collect, trade, and exchange collectibles. Furthermore, to make navigating the platform easier, Nike has educational resources on how to use the marketplace.
What does Nike plan to achieve with .Swoosh?
Even though Nike already has a significant presence in Web3, the introduction of a bespoke Web3 environment could help deepen that. .Swoosh is Nike’s way of offering a unique Web3 experience to its customers by interweaving the physical and virtual. Likewise, it is a way for the brand to expand its customer base by attracting Web3 users.
Not only that, the company is also using the experience to transition traditional customers into Web3. For instance, there are now NFT sneaker boxes that improve the conventional experience. Through the boxes, users can experiment with virtual collectibles, create their own collections, and earn royalties from sales. Ultimately, Nike is pushing the frontiers of virtual collectibles as the world gradually embraces virtual existence.
