Nike dives into NFT fashion and explores video game wearables

Nike’s digital division, .Swoosh, is venturing further into the realm of video game fashion, while also contemplating its future in the non-fungible token (NFT) market. This development was outlined in a blog post dated January 12.

Expanding into Video Game Wearables .Swoosh, Nike’s digital arm, recently announced its plans, previewing some of its upcoming ventures. One of the key initiatives is the launch of a new line of virtual products named “Nike In-Game Wearables.” These digital items are designed to be purchased and utilized within various video games, blurring the lines between reality and the virtual gaming world. Nike emphasizes the joy of collecting and self-expression over simple transactions in this venture.

Nike also aims to strengthen community ties by linking exclusive physical products to these in-game items, creating a more meaningful connection with its loyal members.

Focus on Creator Benefits and Third-Party Trading Nike is planning to allow users to transfer their digital collectibles to personal wallets by the latter half of the year, facilitating trading on third-party marketplaces. This strategy aligns with Nike’s commitment to providing royalties to creators and encouraging collaborative creations. However, Nike clarified that it would not develop its own marketplace, choosing instead to focus on product and story creation.

Scammers Exploit Nike NFT Hype on OpenSea With Nike’s move into Web3, scammers have attempted to capitalize on the excitement around NFTs. OpenSea, a leading NFT marketplace, became a target for phishing scams, falsely promising an exclusive Nike and RTFKT partnership NFT. ApeFathersNFT co-founder MasterJew.eth warned the public about this scam on social media platform X, underlining the importance of vigilance in the dynamic NFT market.

.Swoosh: A Web3-Enabled Digital Community Described as a “web

3-enabled platform” on Nike’s official blog, .Swoosh acts as a digital hub that fosters inclusivity among athletes, digital creators, and collectors. It’s envisaged as a space where the future of sports can be shaped, offering members the opportunity to explore and acquire virtual collectibles like shoes and jerseys. These items will soon be wearable in digital games and immersive experiences.

The global NFT market, as per CoinGecko’s data, has a market cap exceeding $28.1 billion, although it has seen a slight decline of 3.6% recently. The trading volume in this sector has surpassed $2.8 billion in the last 24 hours.