Nike Launches First Significant Collection of Digital Items

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Nike, one of the biggest sportswear and shoe manufacturer has announced the debut of its first outstanding digital collection on its Web3-enabled platform,.SWOOSH.

In a blog post, Nike highlighted that the new collection known as “Our Force 1 Collection” will be available for purchase on its Marketplace as from May. Markedly, the collection includes evocative and previously unseen digital recreations of Air Force 1 Low from the past, present, and future.

Accordingly, each Air Force creation will with a separate box, consisting of two variants- Classic Remix or New Wave. While the Classic Remix box commemorates Nike’s past, the New Wave box will introduce users to a completely new universe of AF1s.

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According to the firm, each virtual sneaker box will be sold for $19.82, a reference to the year the Air Force 1’s was launched. The company also highlighted that it would only accept crypto as a means of payment for its new creations.

Who Can Buy the OF1 Boxes?

According to Nike, all members of .SWOOSH will have the opportunity to buy an OF1 virtual creation. OF1 Boxes will be offered on SWOOSH.Nike through First Access and General Access sales. 

Nike estimates that it currently has more than 330,000.SWOOSH members. Consequently, Nike could generate over $6.5 million in revenue if it sells at least one box to each of its members.

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Nike Ditches the Term “NFT”

Apparently, Nike has joined other renowned brands such as Rolling Stones and Fox Entertainment to leave the term NFT out of the equation, by naming its digital goods “Virtual Creation”.

While it is difficult to say for certain why brands are moving away from the term “NFT”, the recent trend can be attributed to certain factors including branding/differentiation, negative connotations associated with NFT, and regulatory considerations.

Nike’s Forray into Web3

In recent years, Nike has been actively increasing its footprint in the digital ecosystem. In 2022, the company unveiled its first native web3 sneaker, developed by RTFKT, the company’s NFT and web3 subsidiary.

Traditional Brands Explore Potential Uses of NFTs

Nike’s foray into the NFT market is yet another illustration of how a variety of businesses, including art, music, fashion, and sports, are embracing technology.

In the fashion industry, NFTs have been used by the fashion brand, Burberry to create digital collections and to create new revenue streams.

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