Nike Set To Unveil Its Virtual Apparel Store To Sell Digital Collectibles In The Metaverse

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By Simon Ogus

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News that caught my attention this week was Nike announcing the rollout of their Metaverse/Web3 platform .SWOOSH. While the platform is still in beta, Nike is looking to grow its user base for the rest of this year and launch its first offering sometime in early 2023 in conjunction with receiving community input from users on the platform.

On the platform, users will be able to buy and sell virtual creations such as virtual jerseys or shoes with other community members all while maintaining their items on the .SWOOSH platform. Another feature that I found quite interesting was members will be able to have direct conversations with Nike athletes and designers on the platform, which could be more intimate than one might anticipate with this product so new.

The platform’s launch comes at a very challenging time for Metaverse-focused companies and digital assets, which have seen values and trading volume tumble after a blockbuster 2021 year. NFT platform OpenSea has seen trading volumes drop approximately 90% and Coinbase has had a very slow rollout to their NFT platform. Additionally, Facebook, or Meta as it is now called now has had a very tough year and recently announced steep layoffs after Metaverse-related costs deeply drove up company expenses in 2022 thus far.

But none of these companies come into the space with as much retail brand loyalty as Nike or have a roster or internationally known names that can help roll out their digital offerings. If they had to do it over again they might have re-considered rolling out this offering during a large market pullback but the success of .SWOOSH will be a big barometer of whether future participants come into the space and see it as a viable additional revenue line.