In yesterday’s note, I mentioned a metaverse business model for car companies that would work like NikeID for the metaverse – allowing people to customize digital cars with their own wraps and artwork. Ironically, today Nike announced their plans to bring NikeID into the metaverse/web3.
(Also, apparently, NikeID is now called Nike For You, which I completely missed. But it’ll always be NikeID to me.)
The platform is called .SWOOSH:
Nike Members will be able to learn about and collect virtual creations, which are typically interactive digital objects, such as virtual shoes or jerseys, that community members will soon be able to wear in digital games and immersive experiences. In some instances, community members will be able to unlock access to physical products or events like intimate conversations with athletes or designers. – Nike Newsroom
The platform is in closed beta right now (open to the public in January 2023). But those with early access are collaborating and creating the first batch of Nike-branded digital wearables.
In 2023 Nike will debut its first digital collection, shaped by the platform's community. Shortly after the first digital collection drops, members will be able to enter a community challenge to win the opportunity to co-create virtual products with Nike. Those winners can earn a royalty on the virtual product they help co-create. – Nike Newsroom
Eventually, they will allow anyone to design their own custom digital Nike wearables, just like NikeID is for customizing physical sneakers.
NikeID was such an innovative platform when it launched (and still is). I remember spending hours every week in middle school designing my own custom Nikes on that site, even though I had no intention of ever purchasing them. Bringing that platform into the NFT/web3 world is very exciting.
I think the move is genius for multiple reasons:
- Unlimited Marketing Potential – They’re early to providing wearables to the metaverse. At this point, there are no popular or recognizable web3-originating wearable brands aside from RTFKT… and Nike has already purchased RTFKT. If they provide enough customization options, then Nike could literally control 90%+ of the metaverse wearable market.
- Outsources the Creativity – Instead of relying on internal teams to innovate and learn what metaverse users want to wear, they’re giving the power to the millions of existing Nike fans and metaverse users.
- Safeguards Their High-End Goods – They’ve already invested heavily in the RTFKT team, whose market demand is quite high (prices in the thousands of dollars). With .SWOOSH, they don’t have to worry about cannibalizing their existing high-end goods from RTFKT with millions of “cheap” wearables.
What’s most exciting to me, though, is a company the size of Nike can onboard millions of people to web3. I’m interested in seeing how they educate people about NFTs, blockchain wallets, and wallet security.
Making web3 easy on people is the most important thing preventing us from transitioning to a web3 world. In a way, you almost need to make people unaware that they’re using the blockchain to get them interested and hooked. Just like how LaRussel sold over 1,000 album NFTs without ever mentioning the word NFT to his fans.
Overall, I’m excited to watch (and eventually participate in) the progression of Nike’s new web3 platform. And I imagine I’ll get just as hooked on the metaverse version of NikeID as I once was on NikeID in the past.