Nike looks to create metaverse buzz with new Web3 platform

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Nike (NYSE:NKE) officially launched a new blockchain-based platform called .Swoosh that it calls its own special place on the Internet where consumers can collect and help shape Nike virtual creations and NFT products. The online store and trading platform will house virtual sneakers and apparel. Users will be able to collect and display items they own. The platform will also provide education on the metaverse and Web3 in general.

The sports apparel giant plans to launch its first digital collection in 2023, with select Nike athletes showcasing their individual storefronts.

“.SWOOSH aims to be the safest and most trusted platform for virtual creations celebrating sport and sport culture. Over the next three months, Nike plans to launch a host of initiatives to bring the vision to life.”

Nike said that the reason behind the move was to expand the definition of sport and serve its future by democratising the Web3 experience. The launch arrives at a tricky time in general for blockchain and NFT interests after the blowup of the FTX trading exchange.

The revenue potential for Nike (NKE) is that some of the metaverse and NFT focus could provide access to physical products to generate sales. Nike (NKE) has already said that all items on .Swoosh will be priced using U.S. dollars to reduce volatility. Nike already has a metaverse space on Roblox (RBLX) called Nikeland that sets up users to buy and wear virtual goods with in-game currency. Per Dune Analytics, Nike has already generated $200M from NFTs products.

Metaverse watch: The Roundhill Ball Metaverse ETF (NYSEARCA:METV) is down 49% this year as the metaverse theme has run into multiple headwinds. See the top holdings in METV.

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