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Nike announced its .SWOOSH initiative last week. After the acquisition of RTFKT in 2021, Nike has been testing Web3 with virtual apparel and experiences. Now we know they were working towards SWOOSH.
The platform allows users to purchase, trade, and utilize digital assets/collectibles in the metaverse, IRL, and unlock curated events and opportunities. They also launched SWOOSH IDs which will be your digital identity on Nike’s platform (launching on Polygon). Long-term, Nike hopes to onboard millions to Web3 by creating unique physical / digital experiences, while leveraging their athlete partners. The token gating will allow both creators and users to unlock specific, niche experiences.
In my opinion, this can help with forecasting demand for items (saving wastage and inventory). For example, let’s say Nike announces a new limited-run sneaker with Steph Curry. They can then see the demand via those that engage/mint the digital collectible, such that they have enough supply for those diehard fans, instead of falling short or making too many.
It is a big step for Web3 broader market adoption, even in these dark times following FTX’s collapse.
With the F1 season closing out in Abu Dhabi on Nov. 20th, NFTs made an appearance. Redbull’s team, led by legendary driver Max Verstappen, had their car branded with their crypto exchange partner Bybit and an Azuki known as “Lei the Lightning Azuki.” This is the first time we have seen an NFT project sponsor and be a part of the Formula 1 network. The F1 Redbull version of the Azuki will be available for a limited time on the Tezos Network.
Formula 1 is a strong proponent of cryptocurrency and has been exploring the space and partnerships since signing a deal with Crypto.com. McClaren is another team that has been building in the space, partnering with OKX.
That's all we've got for this week - thank you for reading!
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