[11–3] Weekly Web3 Digest
KOREAN NFT brings weekly articles with trending web3 and nft news.
Nike’s Web3 platform Dot Swoosh is launching this week.
There were countless brands to enter Web3, and among them, Nike made notable footprints.
Nike’s Dot Swoosh platform allows customers to learn about Web3, collect virtual products such as shoes and hoodies, and even earn royalties from sales by co-creating the virtual goods together.
Ahead of their first NFT in line for January 2023, Nike plans to introduce users to the platform slowly. Vogue Business has announced that the platform will accept user registration applications starting this week.
Dot Swoosh partnered with Polygon to make all NFT products based on Polygon Matic Chain. Polygon also announced its partnership with Nike in a tweet.
Nike’s Web3 Walk
Nike is the largest fashion-world leader in Web3 among brands that have entered the market. By acquiring NFT and digital wearable startup RTFKT at the end of 2021, the sports fashion conglomerate has also made its brand strong in the Web3 space.
Following the CloneX PFP project, an avatar collection created in collaboration with Takashi Murakami, there are so many activities and new drops in 2022.
- April 22, 2022 — RTFKT Monolith
- April 22, 2022— CryptoKicks
- May 31, 2022 — SpaceDripForging
- July 21, 2022— Nike AR Hoodie
- August 31, 2022 — CloneX Forging
Nike, which has created various products for use in the digital virtual space and with strategies for both Web3 users and existing brand users, is trying to attract more people to Web3 through this Dot Swoosh.
Importance in Web3
A big brand like Nike plays a big role in connecting the virtual world with the real world. Nike aims to grow its user base through Web3 education and onboarding to its existing fan community. To make it a reality, access codes will be shared during events in six US cities for early access. As more and more large fan communities become accustomed to Web3, we can expect the public to gradually narrow the distance between the digital ecosystem and the existing market.
In addition, co-creation is a key factor in which consumers participate in product production. The opportunity for people to participate in the design process together and allow the co-creators to earn royalties when co-created products are sold can be seen as a new way for brands to support creator ecosystems. With RTFKT, Nike earned $1.29 billion in secondary royalties, so the royalty share with co-creators can be an additional income stream for participants and creators.
A tweet from RTFKT’s Communications/Experience Officer:
All Nike virtual creations and merchandise will be available on the platform on November 18th, which will be used for video games or other virtual reality experiences.
[ Trending Headlines]
- Binance’s CEO, CZ’s tweet of the FTX’s FTT token, led to the possibility of acquisition and subsequent cancellation of the contract. Miles Deutscher’s analysis shows the recap on the dynamic news of FTX.
2. Distrust and fear about the exchanges, started by FTX, also led to doubts about various platforms. Crypto.com’s recent transfer of $400 million of Ethereum to Gate.io had an impact, suspecting audience leading to Crypto.com’s coin CRO falling 43% compared to last week, and users in preparation for a similar situation were seen transferring assets to their cold wallet. In response, Crypto.com CEO Kris Marszalek promised through an AMA interview that the damage to assets from FTX would be small, and Crypto.com’s strong capital and all details would be transparently disclosed soon.
3. Apple Pay is now available on Circle! For businesses that use Circle, Apple Pay allows Apple users to pay easily and securely. Even in existing businesses, users who use crypto can purchase products using cryptocurrency.
4. Japan’s large telecommunication company NTT Docomo collaborates with Accenture and Astar Network, a multi-chain smart contract platform, to implement Web3 in Japan publicly. They will focus on three major pillars: the environmental challenges of Web3, a more popular implementation of Web3 by removing the technical difficulties, and the real-world experience of business leaders through education and opportunities.
5. FIFA is preparing to release future-oriented Web3 games to enjoy the 2022 World Cup with more fans. Among them, Altered State Machine, Uplandme, Matchday, and Phygtl were announced and they stated that Web3 would play an important role in the digital and gaming world, and this is where their journey begins.
6. LG Electronics is looking for two new CTOs to lead its Web3 and blockchain technology operations. There have already been various crypto-side operations such as digital wallet, Kakao Gallery app, and LGU+ NFT, but with this job posting, we can expect LG Electronics to expand into the broader Web3 sector.
[ Trending NFT News ]
- Disney hosted a Demo Day of the 2022 Accelerator Program. Many of the participating companies this year are Web3 or NFT companies including Polygon. A lot of content was focused on Web3, AR, AI, and NFT on Disney’s Demo Day.
- Yuga Labs, the creator of BAYC, has acquired WENEW and their famous NFT collection, 10KTF. WENEW, co-founded by BEEPLE, a famous crypto artist, focuses on the Web3 ecosystem and already produces virtual wearables for projects such as BAYC and Moonbird, and boasts partnerships with Louis Vuitton and Gucci.
3. Universal Music Group’s Web3 label, 10:22PM, has unveiled a new character for the virtual band “Kingship”. Roadie, a character created using BAYC NFT IP, can be seen in the virtual world of 10:22PM.
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