NFTs or non-fungible tokens were super popular for a while there. That interest has taken a dive since November 2021, which means it’s the perfect time for fitness brand Nike to launch its own take*. .SWOOSH is the name of the company’s new web3 platform. It’s entered a beta, ready for rollout at a future date.
The name for the platform is taken from Nike’s iconic emblem, known as the swoosh. Or, more likely, the swoosh™. This new venture uses all those lovely crypto-themed buzzwords like ‘blockchain’ and ‘web3’ and ‘please invest in this’.
A .SWOOSH in the hand
Nike’s new platform “champions athletes”, according to the company. It’ll do so by “creating a new, inclusive digital community and experience and a home for Nike virtual creations”. We’re not sure exactly how those two link together but eventually participants will create NFTs. For fun and profit, obviously.
Not that the official release ever uses the term ‘NFT’ or ‘non-fungible token’. That’s probably because interest in those two has plummeted over the last year. Instead, the platform is described in terms of web3, virtual creations, and blockchain technology. All of which mean the same thing but without incorporating the tainted terms.
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Regardless, the execs at Nike are further contributing to the commodification of everything by giving participants the chance to “…design and own the future of sport”. That’s sure to end well, especially since interest is at an all-time high.**
If you’re keen on owning a bunch of athletic NFTs, Nike’s .SWOOSH beta will accept signups later in November. It looks like the States and some European countries will be on the list first. Once Nike is done “prioritizing local communities that Nike supports across its diversity, equity and inclusion initiatives” with those locations, obviously.
This will be followed by a classic NFT drop in 2023 (but it’s not called that). After that, .SWOOSH users can enter a contest that will let them co-design (and share in the royalties from) a virtual product. We can’t wait to see how this changes the business and sporting world.***