Nike launches its NFT platform, how much will virtual shoes cost?

The uses of blockchain in the fashion field are numerous. And among the brands that rely most on this technology is Nike.

This week it launches its own web3 platform called .SWOOSH. While Nike does not mention the term NFT in its press release, it seems obvious that the virtual items that will be offered on .SWOOSH will be NFTs.

Nike indicates that on this platform its members will be able to learn more about virtual creations and collect them. The company notably evokes virtual shoes and jerseys, which can be worn on video games or “immersive experiences” (like the metaverse?).

And that’s not all. Indeed, some items give access to benefits such as events or physical goods.

“We are shaping a future market with an accessible platform for those curious about Web3”Ron Faris, head of Nike Virtual Studios. “In this new space, the .SWOOSH community and Nike can create, share and benefit together.”

This new platform will be accessible on swoosh.nike. But for the moment it is still in beta version. Nike will gradually invite users. Then, the first collection will arrive in 2023. Furthermore, the company plans to organize a contest that will allow the community to co-create virtual products with the brand. And the winners will have the opportunity to earn their share of the revenue from these co-creations.

Collections on the Polygon blockchain

In a FAQ, Nike explains that the collections will be protected by the Polygon blockchain. According to the company, it chose this player because of its approach to its environmental impact and because Polygon aims for carbon neutrality.

Virtual items from Nike community members will be stored in a wallet. It has also partnered with the BitGo company to provide wallets to its users. Purchases, on the other hand, will be made using traditional online payment methods.

Nike does not yet mention the prices of the items of its future collection on its site. But according to Fast Company, the starting price would be less than 50 dollars (therefore around 50 euros).

Note that this is not Nike’s first NFT project. We recall that in 2021 the company acquired the RTFKT startup, specialized in the sector.

Then, in April 2022, the brand launched its first virtual sneakers, called CryptoKicks.

Otherwise, it should be noted that Nike’s rival Adidas has also launched similar initiatives.

As cryptocurrency values ​​plummet, technologies like blockchain or NFT continue to interest businesses.

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