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Image credit: Nike

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‍What launched?

Nike is betting on building its own web3 ecosystem based on a.Swoosh, social identity system. The .SWOOSH ID is a soulbound NFT, which means it can never be traded. Instead, it operates like an ID badge within the Nike web3 world and beyond.

This from the company that has generated $186 million in total revenue from NFTs, more than the 10 next best brands combined (see our market report below). Nike says:

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“The new digital community and experience is a home for Nike virtual creations and uses blockchain-powered technology — or what many call “web3” — to offer an inclusive, equitable place for athletes, creators, collectors and consumers to design and own the future of sport.”

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Nike’s platform is a few years in the making. Nike will release its first-ever collection of digital wearables in 2023, which will be informed by .SWOOSH holders and include royalties to the winners who help to co-create virtual products. 

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Our 0.02ETH 🍃

• Nike is building an immersive community, not just an NFT drop.
• Built on Polygon; perfect for large-scale projects with low-cost transactions. Nike has previously only built on Ethereum, so it makes sense they’d want to maintain EVM compatibility while leveraging Polygon’s speed and affordability.
• Nike is ‘seeding’ its web3 community through the free .SWOOSH NFTs -- and so far over 275k unique users have minted! It's a great way to develop an addressable audience of wallet holders, and learn about their users onchain web3 activity. (More on free NFT tactics here.)
• Collaborating with creatives in their community using .SWOOSH NFTs as their identifier is a cool way to reward active fans with revenue-share opportunities for co-creations. Is this the future of remix and collab culture? Leave it to the DTC kings at Nike to shape the way.

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Image credit: Nike

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‍What launched?

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Five months after launching .Swoosh, Nike’s Web3 community-focused platform, footwear giant launches its first NFT drop, Our Force 1 (OF1). Paying homage to the iconic Air Force 1 sneakers, these will unlock additional benefits for holders in the form of exclusive physical products and experiences. LeBron James was seen wearing the Nike Air Force 1 Genesis sneakers.

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.Swoosh community members co-designed the virtual sneakers

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Four virtual shoe designs envisioned by .Swoosh members were selected to feature in the OF1 drop. According to Ron Faris, general manager of Nike Virtual Studios, “with more members choosing to express themselves across physical and digital worlds, .Swoosh is the marketplace of the future.”

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Catch up quick:

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‍.SWOOSH is a social identity system. The first drop, .SWOOSH ID was a soulbound NFT, which means it can never be traded. Instead, it operates like an ID badge within the Nike web3 world and beyond. Nike says‍:

‍“The new digital community and experience is a home for Nike virtual creations and uses blockchain-powered technology — or what many call “web3” — to offer an inclusive, equitable place for athletes, creators, collectors and consumers to design and own the future of sport.”

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Our 0.02ETH 🍃

Nike is building an immersive collaboration platform, not just an NFT drop. Nike adopted an accessible approach with OF1s offered at a low fixed price point, and SWOOSH NFTs given away for free. In this way Nike has prioritized community participation over quick revenue returns.

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Covered by Mojito, the web3 consumer engagement platform. Empowering brand leaders with powerful tools to drive consumer engagement, sales, and loyalty for all levels of web3 maturity.

‍

Signup for news, trends and analysis on tap. Join 2,000+ brand leaders going deeper into web3