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The Nike logo was designed for $35, but the company later gifted the designer stock, which she held…
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Tag: Swoosh
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Nike to dive into video game wearables, explores NFT fashion
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The digital wearables branch of Nike, .Swoosh has hinted at diving deeper into the domain of video game fashion. The company has also expressed doubts over its non-fungible token (NFT) expansion plans, according to a Jan. 12 blog post.
Nike unveils virtual journey
.Swoosh, the digital flagship of Nike’s sportswear giant has told in a recent announcement about its endeavors and previews some upcoming plans.
Nike also plans to strengthen its position in the video game space by launching a new line of virtual products called “Nike In-Game Wearables.”
The team says these wearables can be purchased and worn directly within one’s favorite video games, virtually bringing actual realness into gaming.
The post highlights that the emphasis is on the joy of collecting and self-expression rather than mere transactions.
Nike intends to deepen its engagement with the community by offering exclusive physical products tied to in-game wearables, fostering a sense of appreciation for loyal members.
Beyond digital collectibles
An interesting aspect of Nike’s strategy is the recognition that creators should benefit financially. By the second half of the year, Nike aims for users to be able to transfer their digital collectibles into personal wallets that would enable trading on third-party marketplaces.
This move aligns with the company’s policy aimed at providing royalties for art to its creators and promoting collaborative creation.
However, Nike adds that it will not develop its own marketplace, but rather focus on creating products and stories.
This approach aims to focus on what matters most to Nike and its community — a decision rooted in a dedication to product quality and member satisfaction.
Scammers target OpenSea users with Nike NFT scam
Nike’s strategic shift into Web3, scammers jumped on the bandwagon to take advantage of all the hype surrounding NFT.
Leading NFT marketplace OpenSea was a target, with scammers sending phishing emails offering an exclusive partnership between Nike and RTFKT with a promise of an NFT offering.
One recipient, MasterJew.eth, co-founder of ApeFathersNFT, took to X to alert the public about the fraudulent scheme.
This incident highlights the need for users to exercise caution and verify communications from trusted sources in the rapidly evolving NFT landscape.
Nike web3-enabled platform
.Swoosh, described on Nike’s official blog as a “web3-enabled platform,” serves 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.
Per data from CoinGecko, the global NFT market cap is over $28.1 billion, with a -3.6% decline and trading volume of over $2.8 billion in the last 24 hours.
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Ogwu Osaemezu Emmanuel
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It Is June 2023 And EA Wants To Add NFTs To FIFA & Madden
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EA Sports and Nike announced yesterday that, at some point in the “future”, games like FIFA and Madden will feature integration with .Swoosh, which Nike describes as its “new digital community experience”.
What does that even mean? It’s an NFT (non-fungible token) platform, a crypto-adjacent scam that blew up in 2021 then crashed hard in 2022, a rise-and-fall that is perhaps best illustrated with this graphic:
Despite this, and a wider public reaction to the concept that landed somewhere between ambivalence and condemnation, there are still some companies willing to stick it out. Partly because they’ve got one eye on the future, and also maybe because they signed a bunch of contracts in 2021 and now have to see them through.
This deal in particular is described as:
Nike Virtual Studios and EA SPORTS are today announcing a new partnership aimed at enhancing and personalizing the virtual sports experience for fans all over the world. This collaboration brings together two of the biggest names in sport and entertainment and will lead to all new ways for members of .SWOOSH, Nike’s new digital community experience, and EA SPORTS fans to express their personal style through play.
What’s funniest about the announcement, perhaps, is that even Nike and EA are embarrassed by (or intentionally obfuscating, you pick!) the truth, which is why you won’t find mention of the term NFT in the news, or even a reference to Web3. Instead EA simply says the partnership will make “.SWOOSH virtual creations available allowing members and players unique new opportunities for self-expression and creativity through sport and style.”
EA Sports games offer that already, of course, sometimes in the form of free unlocks, others that you have to pay for using in-game (or real-world) currency.
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Luke Plunkett
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