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

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

This week, it is launching its web3 platform called .SWOOSH. Although 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 NFT.

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 as well as 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 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 at 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. In addition, 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 an FAQ, Nike explains that the collections will be secured 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 of Nike community members will be stored on a wallet. It has also partnered with the company BitGo to provide wallets to its users. On the other hand, purchases will be made via traditional online payment methods.

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

Note that this is not Nike’s first NFT project. As a reminder, in 2021, the company acquired the startup RTFKT, which specializes in the field.

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

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

As crypto values ​​plummet, technologies such as blockchain, or NFTs, continue to be of interest to businesses.



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