Serious Nike Forms NFT Business In The Center Of The More Lesu Crypto Market

JAKARTA - Nike is still planning to enter the non-fungible token (NFT) industry, although the NFT market is plummeting and FTX, the third largest cryptocurrency exchange was based on last week's bankrupt volume.

Nike wants to launch what he calls Swoosh, a Web3 platform that will eventually allow users to buy, sell and trade virtual shoes and clothing.

Nike doesn't offer too much detail about what he actually expects, but suggests that one day you will be able to use his assets as an item that can be worn in digital games and "other immersive experiences."

Registration for the platform opened on November 18, but don't expect to actually buy anything: Swoosh's first digital collection won't come out until next January.

After that happened, Nike said it would allow creators to "enter community challenges to win opportunities to jointly create virtual products with Nike" and get royalties from any sale.

This announcement comes after Nike bought RTFKT Studios last year, a Web3 company that makes NFTs and sneakers for the metaverse. The acquisition may seem like a strategic purchase at the time, as crypto was peaking last December. However, data earlier this year showed that monthly NFT sales had fallen since peaking in January 2022.

We are forming a future market with accessible platforms for web3-curous, said Ron Faris, vice president of Nike Virtual Studios. In this new space, the community of SWOOSH and Nike can be creative, share, and benefit together.

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