Nike Launching Dot Swoosh, Latest Web3 Platform

Nike’s latest web3 venture is here. Taking the form of a web3-enabled platform, .Swoosh is aiming to enable consumers to “learn about, collect and eventually help co-create virtual creations, which are typically interactive digital objects, such as virtual shoes or jerseys,” the Beaverton, Oregon-based company announced on Monday. Currently in beta mode, the platform will ultimately serve as a place “where our community can come in and co-create [the] future with us,” Ron Faris, GM of Nike Virtual Studios, said in a statement. “You can collect, trade, and flex Nike virtual products. You can go to IRL events with your token-gated virtual creations.”

Nike says that it will grow the platform by inviting in “a diverse, equitable community, then launch its first digital collection – shaped by its members – [beginning] in 2023.” Shortly after the first digital collection drops, “Members will be able to enter a community challenge to win the opportunity to co-create virtual product with Nike, [with] those winners [able] earn a royalty on the virtual product they help co-create.”

The point of the venture, according to Nike? “To expand the definition of sport – and serve its future – by democratizing the web3 experience so that everyone can collect, create and own a piece of this new digital world.” Faris notes, “We are shaping a marketplace of the future with an accessible platform for the web3-curious. In this new space, the .SWOOSH community and Nike can create, share, and benefit together.”