Nike’s digital flagship, .Swoosh, recently announced its upcoming endeavors and provided a sneak peek into its future plans. The sportswear giant aims to solidify its presence in the video game space with the introduction of a new line of virtual products known as “Nike In-Game Wearables.”

These wearables are designed to be purchased and worn directly within users’ favorite video games, creating a virtual bridge between the gaming world and reality. The focus, as emphasized in the announcement, is on the joy of collecting and self-expression, prioritizing experiences over mere transactions.

In a strategic move to deepen engagement with the community, Nike plans to offer exclusive physical products tied to the in-game wearables, fostering a sense of appreciation for loyal members. Notably, Nike recognizes the importance of financially benefiting creators and aims to enable users to transfer their digital collectibles into personal wallets for trading on third-party marketplaces by the second half of the year.

This aligns with Nike’s commitment to providing royalties for art to its creators and promoting collaborative creation. However, the company clarifies that it won’t develop its own marketplace but will concentrate on crafting compelling products and stories, prioritizing what matters most to Nike and its community — a commitment to product quality and member satisfaction.

As Nike strategically ventures into Web3, it has encountered challenges, particularly with scammers taking advantage of the NFT hype. The company’s move prompted scammers to target leading NFT marketplace OpenSea, sending phishing emails offering a fraudulent partnership between Nike and RTFKT with promises of exclusive NFT offerings. This incident underscores the need for users to exercise caution and verify communications from trusted sources in the rapidly evolving NFT landscape.

Described on Nike’s official blog as a “web3-enabled platform,” Swoosh acts as a digital community fostering inclusivity for athletes, digital creators, and collectors. Positioned as a space to shape the future of sports, .Swoosh allows members to explore and purchase virtual collectibles, including shoes and jerseys, soon wearable in digital games and immersive experiences.

According to data from CoinGecko, the global NFT market cap exceeds $28.1 billion, showcasing a -3.6% decline with a trading volume of over $2.8 billion in the last 24 hours. Nike’s foray into the digital frontier aligns with the evolving landscape of technology and consumer engagement, signaling a transformative journey into the realms of Web3 and virtual experiences.

By Impact Lab