Nike partners with polygon to launch a Web3 platform called Swoosh
Clothing and sneaker company Nike has announced a partnership with Polygon to launch a Web3 platform, swoosh
Nike has announced a partnership with Polygon to launch a Web3 platform, swoosh.
Swoosh is aimed to fully represent the Nike brand and its efforts to fully incorporate web3 values. The Swoosh platform has its own ENS (Ethereum name service) domain, Swoosh.Nike.
This platform will emphasize what NFTs represent and that is authenticity and unique digital ownership. customers can become co-creators and share in royalties from digital products.
With the swoosh platform, Nike will be able to launch various digital collectibles suitable for its users like t-shirts and sneakers that can be worn by unique avatars within the Web3 space.
Nike will also give real-world benefits to users such as exclusive physical merch or live chats with Nike athlete ambassadors. Nike says it will grow the platform by “ inviting a community that is diverse and equitable”.
Swoosh is still in beta mode and registrations will start this December but the first NFT drop should be expected sometime in January of 2023.
Although previous Nike NFT drops have been launched on Ethereum, collectibles on the Swoosh platform will be launched using the polygon network.
RFTKT posted a Twitter thread regarding this development.
Remember Nike bought RTFKT inc. a digital artifact company sometime in 2021 and launched the popular “crypto kicks’ back in April 2022. These digital collectibles started minting for a floor price of 5ETH.
RTFKT launched a PFP project known as Clone X which was a collaboration with Takashi Murakami, a well-known digital artist.
The project ended up generating over 700million dollars in secondary sales volume and the floor price currently sits at 7.5 Ethereum which is worth about $8,500 currently. (Data from cryptoslam).
A spokesperson from RTFKT clarified that RTFKT is not overseeing the swoosh project but it is aiding Nike in its onboarding into web3.
Polygon is a layer-two scaling solution built on a popular network known as Ethereum. It is a blockchain that allows DApp integration.
Polygon uses a modified proof of stake mechanism to achieve consensus. It is a fast, scalable, and cheap blockchain that is recently seeing massive institutional adoption. To find out more, check out our deep dive on polygon
Recently Reddit launched their digital collectibles using the polygon blockchain and sales volumes have peaked to the 2.5 million dollar range according to dune analytics.
Polygon is seeing massive adoption with over 35,000 dapps currently building on its blockchain.