Sportswear titan Nike has made another move into the Web3/crypto realm with the launch of a new “digital wearables” platform called .SWOOSH. Meanwhile Sony appears to be exploring NFT gaming possibilities.
Despite the most horrendous year on record for crypto-company implosions and hacks, with something in the vicinity of 1.5 trillion dollars wiped from the space since the start of the year, crypto adoption in 2022 has actually been pretty incredible.
Maybe news like this – from two of the biggest leisure/entertainment-focused companies on the planet – can help bolster sentiment in a market that appears to be holding its ground in the wake of the FTX debacle. (For now, we should caveat – the crypto contagion could yet get far worse from here.)
Nike announces .SWOOSH – on Polygon
In an announcement made this week, Nike has revealed it’s jogging further into the cryptoverse with .SWOOSH.
Oh, and here’s the real kicker for investors in the MATIC token, the platform is built on the layer 2 Ethereum-based blockchain Polygon, which adds to the eye-opening amount of mainstream adoption that chain has been seeing lately – including Meta/Instagram; JPMorgan and Disney news among others.
The athletic footwear and apparel giant describes it as a “web3-enabled platform that champions athletes and serves the future of sport by creating a new, inclusive digital community and experience and a home for Nike virtual creations”.
The aim is to also make the platform a resource for education on the digital wearables as well as being a marketplace to buy and trade digital collectibles – for instance virtual shoes and jerseys.
The idea is for the virtual items to be used in video games and other “immersive experiences”, with Nike adding that in some instances “community members will be able to unlock access to physical products or events” – such as conversations with athletes or designers.
.SWOOSH will also enable users to create their own collections on the platform, from which they’ll be able to earn royalties.
“We are shaping a marketplace of the future with an accessible platform for the Web3-curious. In this new space, the .SWOOSH community and Nike can create, share, and benefit together,” said Ron Faris, GM of Nike Virtual Studios, in a prepared statement.
Artist “Sekure D” posted a great thread on it all, in which he noted: “Nike at its heart knows hype, this platform will amplify their scalability with general release products and limited drops to create customer retention.”
In December last year, after filing for a patent for Web3 sneakers called “Cryptokicks”, Nike first leapt into the metaverse when it acquired an NFT-focused virtual sneaker, fashion and collectible company called RTFKT.
In April, Nike launched a digital sneaker line it dubbed RTFKT x Nike Dunk Genesis CryptoKicks.
For now, the .SWOOSH platform is in beta but will open its registration later this month before debuting its first collection in 2023.
Sony publishes NFT-related patent
Developers of the popular gaming console PlayStation, Sony has published a patent that indicates the company is considering blockchain and NFT technology for tracking in-game assets in video games.
The patent would essentially allow gamers to own unique in-game assets and collectibles from their favourite esports stars in the form of non-fungible tokens.
It’s apparently not a new patent – with the huge Japanese tech conglomerate applying for it some time last year, however it’s only just been made public.