Nike’s Web3 branch buys Ethereum Domain Name For $35K

Following the purchase of dotswoosh.eth for 19.72 ETH (about $35,000), RTFKT, Nike’s Web3 branch, now controls ten Ethereum Name Service (ENS) domains. “Artifact” is how RTFKT is pronounced.

Carolyn Davidson, a graphic designer, is said to have only been paid $35 for creating Nike’s distinctive swoosh logo in 1971.

As a result, Nike’s acquisition price of 19.72 ETH might be a homage to the year 1972, when Davidson’s swoosh insignia first debuted on shoes.

RTFKT also owns artifacts.eth, rtfkt.eth, skinvial.eth, drmos.eth, mintvial.eth, dreamos.eth, spacedrip.eth, dripcoin.eth, and m2tekno.eth, in addition to dotswoosh.eth.

Where can Nike use the ETH domain?

The reason for Nike’s dotswoosh acquisition on Friday is yet unknown. Nike may have plans to use the domain in the future to issue ENS subdomains, as some have stated on Twitter. ENS subdomains are managed by the principal domain name holder.

Nike may, for example, enable holders of certain NFTs or other assets to register an ENS subdomain under dotswoosh.eth (kate.dotswoosh.eth would be one such example).

Based on its existing positions, Nike’s ENS moves appear to be part of a bigger plan.

The CloneX Mint Vial Ethereum NFTs, which may be burnt to generate a unique CloneX avatar NFT, are most likely referenced by the Mint Vial.

Nike’s Space Drip NFTs, which are digital shoe NFTs that allow the possessor to “create” a physical replica of the sneakers, are referred to as Space Drip.

RTFKT’s Skin Vials are NFTs that may be burnt to alter the appearance of Nike’s RTFKT CryptoKicks, which were released last month.

Nike has a history of purchasing and trademarking a wide range of linked names and logos, regardless of its objectives for dotswoosh.eth.

It filed trademarks for Nike, Nikeland, and “Just Do It,” as well as its Nike swoosh and “Jumpman” emblems, for a wide range of metaverse uses last year.

Nike is also suing StockX for selling illegitimate Nike sneaker photos as NFTs, in an attempt to stamp out any improperly licensed Web3 assets.

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