Nike Announces New “Dot Swoosh” Platform To Pioneer Web3 Experiences
Milestone Date: November 14, 2022
Nike continues to embrace distributed ledger technology with the introduction of “Dot Swoosh,” which is Nike’s new Web3 platform and ecosystem that is designed to attract non-crypto natives and more traditional brand fans. This platform will be the home of Nike’s virtual creations, and it sits under Nike Virtual Studios.
p>Users of Dot Swoosh will be able to buy, trade, and display their favorite digital and phygital Nike products. Additionally, they will also have access to events and products, and the opportunity to help co-create products with the sports giant. The Dot Swoosh platform will add another dimension to Nike fans’ brand experience. For example, fans who hold a virtual shoe NFT could encounter experiences that allow them to preorder a physical counterpart or engage in token-gated chats with shoe designers.
In 2021, Nike acquired RTFKT, a Web3-native digital design studio, and has since paved the way for digital fashion and hit revenue milestones that soar beyond Nike’s competitors. RTFKT helped Nike tap into the studio’s Web3-native customer base. With Dot Swoosh, the company is targeting audiences that are less experienced in Web3 through education, a six-city tour, and thoughtfully onboarding Nike fans.
“Now we're at the point where it's time to really broaden things, to make them more accessible to the world. And, if we want to do it thoughtfully and carefully, especially in this climate, we want to make sure that we start with principles that govern our work. The principles are not obsessing about being first. It's really more about building a lasting plan,” says Nike VP Ron Faris.
By Elizabeth Morrison
Published:November 14, 2022
Vogue Business - Technology