An Overview Of Nike’s NFT and Metaverse Strategy

Nalikes Studio
3 min readFeb 20, 2023

Learning from the best!

Photo by REVOLT on Unsplash

Sports manufacturer Nike, a big brand in the world with the motto ‘Just Do It’ has done it again in the web3 space. Whether it’s acquiring companies, or partnering with metaverse platforms and even building their own, their web3 presence is nothing short of bold and creative.

Ok, let’s get deep into that:

Nike’s Metaverse Entry (Nov 2021):

Nike’s first web3 attempt was when it unveiled a virtual world modeled like its headquarters on the video game platform Roblox. With the goal of “turn sport and play into a lifestyle”, Nikeland saw more than 7 million visitors in the first 2 months with an estimation of 21M users to date.

The idea here is to design your yard (show off your collectibles) and then play mini-games with other players, to win more rewards. And all of this, with Nike branding. Check out the gameplay here.

Nike’s digital channels and applications account for 26% of Nike’s revenue. And it only makes sense to build a digital world on a platform that has 43M daily users.

Also Read: 7 Brands that joined the metaverse

Nike’s NFT Acquisition (Dec 2021):

The sports brand made big waves in the NFT space with a bold entry by acquiring RTFKT Studios in 2021, which is known for building next-generation collectibles. Notable RTFKT collections include CloneX, Jeff Staple, Ferocious, and, Space Drip.

Since the acquisition, they have been building for sure. Here are some to note:

  • MNLTH: It is the first official co-branded product released from the duo — Nike and RTFKT, and Nike’s first-ever NFT. It was airdropped to CloneX holders.
  • RTFKT x Nike Dunk Genesis CRYPTOKICKS: Customizable shoes on the blockchain.
  • RTFKT x Nike AR Genesis hoodie: Phygital hoodie is co-branded with Nike and comes with an NFC chip, trackable using AR.

And yes, Nike did print money with their NFT drops. As of August 2022, they generated $185M.

And by the end of the year, the number grew to $300M with over a billion dollars in transaction volume. Here is a report that deep dives into more numbers.

Also, in 2022, the trading volume for the fashion NFT sector was nearly $1.3B, the majority of which stemmed from the collaborative efforts between Nike and RTFKT.

Nike’s Swoosh Platform (Nov 2022):

Nike announced SWOOSH, a new platform geared towards building a community around its digital wearables, the company revealed in a blog post.

According to Nike, SWOOSH will allow Nike Members to learn about, collect and eventually help co-create virtual creations, which are typically interactive digital objects such as virtual shoes or jerseys. And users can even royalties for their own collections.

Conclusion:

We, at Nalikes Studios, believe that the virtual space (Metaverse) and virtual goods (NFTs) are here to stay and will help build more connections and form a community. Nike is just one great example of that!!

Need help with building something cool in web3 like Nike? We can help!

Contact us: Nalikes.com

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