Nike To Launch Web3 Platform Called .Swoosh .Swoosh is a Web3 platform by Nike through which customers shall be able to purchase, sell and also create virtual shoes.

.Swoosh is a Web3 platform by Nike through which customers shall be able to purchase, sell and also create virtual shoes.

.Swoosh, which is presently in the beta stage, will give users the opportunity to learn, collect, and finally collaborate on creating digital wearables like shoes and jerseys. The platform is pegged to be the focal point of Nike's Web3 efforts, which shall have members being able to earn royalties through their creations.

Post the release of the initial digital collection, members shall be able to be part of a community challenge. Winners shall be given the chance by Nike to collaborate to make virtual products. Nike shall use the Web3 space to also expose members to real world benefits, such as exclusive products or meets with professional athletes. In the Web3 space, ofcourse, users shall have immersive experiences where they can utilize these digital assets.

The tentative time line for the release of the first digital collection by members is 2023. Nike's entrance into the NFT marketplace comes a year after it took RTFKT Studios, a Web3 business that creates NFTs and sneakers for the metaverse. They have managed to become one of the significant names in the Web3 fashion space via RTFKT.

According to Nike, launching .Swoosh "is to expand the definition of sport — and serve its future — by democratizing the web3 experience so that everyone can collect, create and own a piece of this new digital world."