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

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

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

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

And that’s not all. In fact, some items give access to perks such as physical events or goods.

“We are shaping a market of the future with an accessible platform for those curious about Web3”Ron Faris, the 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. Nike will gradually invite users. Hence, the first collection will arrive in 2023. In addition, the company plans to organize a competition 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 revenue from these co-creations.

Collections on the Polygon blockchain

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

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

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

Note that this isn’t 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.

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

With the collapse of cryptographic values, technologies such as blockchain or NFT continue to interest businesses.

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