Nike’s .Swoosh to Dive into Video Game Wearables

Nike, a giant in sportswear, has announced a plan to expand its roots in the domain of Video Game fashion. .Swoosh, the digital home of Nike, is supposed to take a deep dive into the world of video game fashion by offering video game wearables. However, it’s unclear whether the expansion into the gaming realm will involve NFTs or not.  

The plan is to develop a strong position in the video game space by offering a new range of virtual products, which can be purchased and used directly in video games, offering a real gaming feel. The motive is to enhance user engagement, fostering a sense of appreciation for loyal members. The virtual products will be termed “Nike In-Game Wearables”.

Influence of Nike’s Strategy 

Nike’s announcement to enter the video gaming world attracted gamers as well as scammers. 

Financial benefits from the plan attracted gamers and loyal customers of Nike. The company is planning to allow users to transfer their digital collectibles into personal wallets by the second half of the year, for trading on the third-party marketplace.  

The strategic shift into Web3 attracted scammers to take advantage of all the fanfare surrounding NFTs. Nike’s purpose is to stick to creating effective goods and services along with supporting the community of creators and promoting collaborative creation. However, scammers find it a good opportunity to steal money from the public. 

OpenSea, the leading NFT marketplace was targeted, and phishing emails were sent to OpenSea’s community offering them a partnership between Nike and RTFKT, a prominent NFT studio specializing in virtual sneakers along with NFT offerings. Fortunately, before any major disaster takes place, the co-founder of ApeFathersNFT, MasterJew.eth, alerted the public about the scam.       

On June 1, Nike also announced its collaboration with EA Sports, a video game maker, in the upcoming months. The partnership is expected to introduce virtual assets from Nike’s Web3 marketplace platform. 

Nike has been dealing with the NFT marketplaces for a long time. In November 2022, the company introduced its .Swoosh NFT platform and launched its first NFT collection in early 2023 with over 92,000 NFTs. However, the platform used the word ‘Virtual creations’ instead of NFTs.

Additionally, owners of the digital collectibles will be allowed to shift their products to personal crypto wallets for trading purposes. .Swoosh can be considered Nike’s Web3-enabled platform serving athletes, collectors, and digital creators. Nike, in collaboration with EA Sports, marked a significant initiative of broadening the cryptocurrency and NFTs marketplaces in the gaming world. 

According to data from CoinMarketCap, the global NFT market cap is over $4.8 Billion with a sales volume of $32 Million, reflecting an upsurge of 7.87% in the past 24 hours. The NFT marketplace has had around 50,624 total sales in the past 24 hours. In addition, the NFT marketplace is expected to reach $2,378 Million in revenue in 2024, with an expected annual growth rate of 11.34%.    

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.