With Dot Swoosh Nike takes its first steps into the Metaverse

From the beginning, NFT seemed particularly apt in the world of collectibles, of sneakers, of that fever of possession for the latest release that led streetwear to pull the strings of the fashion industry in the past decade. It is therefore not surprising that among so many brands that have approached the Metaverse in a clumsy and unsuccessful manner, the strategy of the giant Nike has instead proved successful, especially thanks to the far-sighted purchase of digital design studio Rtfkt last year. In fact, thanks to Rtfkt's NFT sales prior to the acquisition, Nike has already grossed at least $185.3 million with Web3 products, and is ahead of its competitors, followed by Adidas with $11 million and Puma with $1.3 million. But now the company wants to widen the target audience for its Web3 strategy, going beyond Rtfkt's customer base and tapping into its own, who may be less experienced in the Web3 world. «We're not going to sell anything right away. We're going to take our time to educate» Ron Faris tells BOF, the vice president of Nike Studios and head of the new Dot Swoosh project, the new Web3 platform and ecosystem based in the Swoosh.nike domain. A project that started in May, when the brand purchased the ENS domain 'dotswoosh.eth' for 19.72 ETH (about $38,000 at the time).

Dot Swoosh, the home of Nike's virtual creations, will be launched this Friday, although users can already register today and the first digital collection will not be launched until January. Although the exact mechanisms are still being developed, it is certain that a key component will be co-creation, including the ability for people to contribute design elements and sell their co-created products, while also earning royalties on the virtual goods, with ownership to display and sell their products under the .nike domain. The platform will also be a place where people can buy, display and trade digital and virtual products, unlock access to events and products, a virtual shoe could also allow owners to pre-order a physical counterpart, activate chats with designers or unlock wearability of items through interactive games. «We don't see the virtual product as the end of the purchase journey, but as the beginning of the journey» says Faris. The deputy director also points out that the Rtfkt team and strategy strongly influenced Nike Virtual Studios, but that the Dot Swoosh project is exclusive to Nike. A sort of step-by-step journey, the first objective of which is to 'alphabetize' customers to the Metaverse with a tour of events in six cities - Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville and New York - certainly not known for their innovative approach to technology and therefore the natural target of the new Nike program.

It is a project that seems unafraid of the volatility of the crypto world and the strong moment of crisis that the reality is encountering, focusing rather on the idea of the Metaverse becoming 'an expanding niche'. «We're now at the point where it's time to really expand things, to make them more accessible to the world - says Faris, pointing out that Nike is still in the development phase - and if we're going to do that in a thoughtful and careful way, especially in this climate, we want to make sure we start with the principles that govern our work, not out of an obsession with being first. Rather, it is about building a lasting plan.»