Nike has announced Dot Swoosh, its own web 3.0 platform and community. It will launch next week, and people can already sign up for a free account.
A platform where people can sell digital goods, including virtual items, will be a marketplace where they can share their creations. It won’t replace traditional stores but rather complement them by offering new ways to shop.
Nike has just released their new blockchain platform for selling NFTs and they’re offering them at low prices.
Nike launched its new online social networking website called Swoosh today. The company hopes to attract people interested in sports through its new website. Users can sign up for an account on the website to get access to exclusive offers and discounts. In addition, they can also share photos and videos of themselves playing sports. The company plans to release its own digital collectibles later on.
Furthermore, Nike’s online platform was built on its domain to ensure that it would be a trustworthy space for members. The company aims to make this website a reliable source for everything related to their brand. The Swoosh will now serve as their outlet for virtual products, which include clothing, footwear, and other NFTs-related goods.
RTFKT’s team and strategy heavily influenced Nike’s Virtual Studios initiative, which was launched by Nike in 2016. However, the Dot Swoosh initiative is solely focused on Nike products. “We’ve been working closely with Nike since day one,” says Faris. “Nike has always been at the forefront of innovation when it comes to building new technologies and platforms.”
Nike’s new Web 3 platform and ecosystem, Dot swoosh.
Thanks to NFTs sold from Rfkt, and with it, the Web3 native company’s pre-acquisitions NFT collections, Nike had already generated at least $185.2 million in revenues on Web3 products, was leading compared to rivals Adidas, which had generated $11 million, and to Puma, an estimate of $1.3 million, respectively. Rftkt’s CloneX NTF avatar collection accounted for about 50% of Nike’s total revenues, demonstrating the significance of the takeover to Nike’s Web3 strategies so far. Now, with the Dot Swoosh, the Nike team wants to widen the scope of who its Web3 strategies are for, beyond Rftkt’s endemic customer base, and tap into its own, who might be less experienced in the realm of Web3. The objective is to educate and onboard Nike’s own customers, not the Web3 natives, into “the game”, Faris says.
To achieve this, we will hold events in six cities across America, including Atlanta, Los Angeles, Chicago, Charlotte, Tallahasse, and New York City, where we will give out free codes for people who want to be part of our beta program. We’re focusing on these specific cities because they aren’t obvious technology hubs, but instead places that may not necessarily get early exposure to new technologies.
There won’t be any products for sale for at least one month. “We don’t want to rush things,” says the founder. He explains that they need to figure out how to balance respecting the principles of Web 3 while not alienate their current user base.
A key component will include the ability for people to collaborate on designs and sell their own creations. They’ll also get paid for each item sold. Through Rtfkt (a company acquired by Nike), Nike earned 1.3 billion dollars in secondary revenues from its creators. So Nike paying out creators for each item sold isn’t a small investment.
Nike has been working on an app for some time now. It seems like they’re finally ready to launch it. They’ve already got athletes and celebrities involved so there’s no doubt that they’ll get a lot of traction from them.
Now that Web 3 has become more mainstream, it’s time to think about broadening its reach. If we want to do it right, we need to start with principles that govern the way we approach projects. We shouldn’t just focus on being first. Instead, we should focus on making sure that we’re doing things thoughtfully and carefully. And instead of obsessively focusing on being first, we should focus on creating something that lasts.
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