Swoosh is a Web3-enabled marketplace where individuals may purchase virtual goods. Swoosh will be an experimental digital environment for registered members on the domain “.nike.” Although all transactions will be logged on the Polygon chain, the site will employ cash (USD) rather than cryptocurrency. Nike’s first virtual footwear, clothing, and accessory line will be available on Swoosh in January 2023. Nike already has a Roblox metaverse environment, Nikeland, where users can buy and wear virtual things using in-game currency rather than cash or cryptocurrency. Nike may be constructing its own virtual world by launching Swoosh, eliminating the need for other platforms.
Related post: Why fashion brands should jump into the metaverse
Nike may view a virtual product bazaar as the obvious next step in its digital success. Digital channels and applications will account for more than a quarter of company income by March 2022. Givenchy, Ralph Lauren, and Tommy Hilfiger all have Roblox stores where digital products may be purchased. Balenciaga, Thom Browne, and Prada collaborated with Meta in June 2022 to produce virtual objects for sale on the platform’s new Avatars Store. Bloomberg estimates that the metaverse industry will be worth $783.3 billion in 2024, up from $478.7 billion in 2020, and virtual items will undoubtedly play a role in this.
