Our Force 1: Nike's .SWOOSH Drops its First Digital Sneaker
Nike unveils virtual pairs of its iconic Air Force 1 sneaker
Nike has officially announced its entry point into the world of NFTs with the launch of its first-ever .SWOOSH NFT digital sneaker drop. This move is part of Nike's plan to enter the Metaverse, and the brand is taking a step forward by digitizing its iconic footwear. It demonstrates the brand's ability to stay ahead of the curve and adapt to the changing digital landscape. With the growing popularity of NFTs, Nike is tapping into a new market and creating a new source of revenue. Despite, the growing general skepticism about digital fashion and NFTs in 2022, Nike still shows interest in the virtual world as they continue to innovate and evolve in this space through RTFKT (pronounced “artifact”). It is a major player in the fashion industry of Web3 and a digital apparel startup that Nike bought in 2021.
What is .SWOOSH ? What is Web3 ? What is an NFT ?
Just like STEELO, .SWOOSH is a Web3 community named after Nike’s logo that is offering its first Polygon-based NFT products on its dedicated platform. In a nutshell, Web3 refers to the latest generation of the internet and it is a fairly new technology that aims to decentralize data, giving users greater control and ownership over their digital identity and possessions without going through a middleman. Web3 is backed by blockchain technology, a way of storing and sharing information publicly and safely. A blockchain is a book that records everything that happens on a computer network. Each page of the book is a block, containing a list of network events. Blockchain enables transactions such as sending and receiving money, and guarantees their authenticity through algorithms and maths. Blockchain is a transparent and trustworthy technology that can also be used for games, votes, cryptocurrencies, and more, including storing medical records and increasing trust in contracts.
A non-fungible token (NFT) is a unique digital asset that is stored on a blockchain network. Think of it like a digital certificate of ownership for a specific item or piece of content, such as a digital artwork, music file, or video.
Formerly known as Matic Network, Polygon is a blockchain platform that has low transaction fees and is faster than the Ethereum network, one of the most popular blockchain platforms.
.SWOOSH lets people buy, sell, and trade virtual Nike items, like shoes and clothing ( mostly t-shirts). Users can also become co-creators and earn money from digital product sales. The American footwear giant will use its platform as a hub to launch their virtual products for avatars that can be used in Web3 Games and could unlock real-world benefits, such as limited physical pieces or chats with pro athletes.
What is Nike planning?
In late 2021 the NFT market reached $25 billion worth of trading volume and Nike made its first major step into the space by buying RTFKT. Since then, both Nike and RTFKT have teamed up on Ethereum-based digital NFT sneakers called CryptoKicks. RTFKT is a company that is famous for making a special digital artwork project called CloneX PFP which was a collaboration with unique artist Takashi Murakami. Since then, a lot of people have been buying and selling which generated $762 million on this project.
The new NFT apparel will be minted on Polygon. Minting refers to the process of creating a unique digital asset on a blockchain network
You most certainly are familiar with one of the most iconic Nike sneakers of all time, the Air Force 1 which was designed 41 years ago. The new collection, Our Force 1 ( OF1) will pay homage to this timelessly beautiful sneaker and consist of Polygon virtual sneaker NFTs. In fact, two types will be part of the drop: Classic Remix sneaker boxes and New Wave boxes. The first ones take its inspiration from the Air Force 1 shoes released between 1982 and 2006, a portal to Nike nostalgia, “celebrating heritage details while pointing them toward the future” and the second ones feature pairs designed after 2007, “a new gateway to a universe of AF1s that you’ve never seen before”.
The OF1 Collection, which showcases a variety of unique and innovative designs, is set to launch with an airdrop where .SWOOSH members are randomly selected to unlock their first access to the collection. The airdrop will introduce the OF1 Collection to the community. Later, Nike plans on giving general access to all the members so that they can have a chance to buy an OF1. The price will be $19.82.
As we can see in their Twitter thread, Nike displays beautiful animations and unique designs and colourways making the pairs appealing and rare at the same time. It is part of their strategy to offer something that is exclusive and made for their loyal .SWOOSH community. Moreover Nike is gradually dropping information on quantities, pricing, and timing as we are approaching launch. A marketplace is expected to be released and will let users acquire more virtual creations and add them to their collection. In fact, it is part of their strategy to build hype for their products and a solid community around their brand. Some virtual creations are co-creations, meaning the American sportswear company includes its community members to partake in the creation process. It is the best and most organic way to bond with the members and to create a unique identity and trust.
The NFT market is still relatively new, but it is growing rapidly, and despite a growing sense of skepticism Nike's entry shows that it is a space worth exploring.
By building this .SWOOSH Web3 community and platform, Nike cements itself as a major actor in the sneaker culture and NFT space by paying homage to the creativity and versatility of the AF1. Nike promising real-life utility makes the wait even more interesting and appealing to the community since members will have the opportunity to earn not only virtual creations but also physical products, experiences and more.
Lots more detail to come from Nike. All of the changes and updates will be made public via their blog or social channels including their Twitter account.
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