It’s an interesting week for Nike as it prepares to launch an NFT virtual shoe platform known as dotSwoosh. Nike has long been one of the most prominent athletic shoe companies around, and it looks like it’s taking that pedigree to the world of NFTs and Web3. DotSwoosh is a new platform in which customers can design and purchase virtual Nike shoes, apparel, and limited releases of physical products. The platform has reportedly been in beta for some time and is set to launch in full this week.
Nike announced the dotSwoosh’s launch date with an update on the virtual platform’s website this week. According to the website, dotSwoosh will officially launch in full form on November 18, 2022. This comes after Nike acquired Web3, blockchain, and NFT developer RTFKT back in December 2021. Since then, the company has been leveraging RTFKT’s talent and knowledge of the NFT space to develop dotSwoosh.
According to Nike Virtual Studios division lead Ron Faris, it’s not just about trying to appeal to NFT and Web3 enthusiasts, but also about trying to reach across to those curious about the Web3 space by providing a product Nike fans might be more comfortable with.
“We know we’re not just targeting Web3 natives, we’re targeting a more Web3-curious audience, people afraid to [buy NFTs] because it’s too confusing or hard,” Faris told Fast Company in an interview.
That said, dotSwoosh comes at a very tumultuous time for crypto and NFTs. Crypto exchange FTX has collapsed and filed for chapter 11 bankruptcy and many businesses in the crypto space related to FTX are hurting for it. Meanwhile, the crypto space saw further losses earlier this year when TerraUSD and Luna cryptocurrencies hit a value of $0. 2022 has been a harsh year on the cryptocurrency and NFT space even as groups like GameStop continue to be invested with its NFT marketplace currently in beta.
Nonetheless, it looks like Nike feels secure enough to move forward with the launch of dotSwoosh. As it goes live on November 18, stay tuned for more updates as they become available right here at Shacknews.