According to a publication by Bloomberg, Nike Inc. will soon launch an online shop as well as a trading platform for virtual sneakers. This comes as management continues to increase investment in the metaverse. The shoe and clothing company that is worth billions of dollars is joining the growing number of companies that want to make money in the new metaverse.
The most successful sportswear manufacturer in the world plans to launch its own line of products on the Swoosh portal, which will let users showcase their collections and acquire objects to display on the site. The digital goods will have a variety of different forms of tie-ins; some of these tie-ins may allow access to tangible objects, make them playable in video games, or offer admittance to events that take place in real life. On November 18th, registration will begin.
Nike is committed to bringing the product category to customers, and the company plans to go on a tour that will visit six cities in order to educate consumers about Web3 and blockchain technology.
The initial collection is scheduled to be released in January, and all of the goods will have their prices listed in US dollars. This decision was made to minimise price fluctuations and to ensure that the procedure is intuitive for new customers. Once this feature is put in place, users will be able to link their own wallets to bring products to other markets.
There are a number of athletes now signed to Nike who are going to have their very own stores on the web. Individual designers may also be able to take part in community competitions held by Nike to co-create items with the company and earn royalties for their work.
Over the course of the last year, Nike has made significant investments in what is known as the “metaverse,” and the company now has an entire design team dedicated to its digital products. In the previous year, it started the process of registering trademarks for virtual products, created its own virtual world on Roblox, and purchased the virtual shoe manufacturer RTFKT. Its efforts are beginning to bear fruit. According to statistics from blockchain research company Dune Analytics for the month of August, Nike has earned about $200 million so far from NFT items, which is a significant margin of victory over fashion competitors such as Adidas, Gucci, and Dolce & Gabbana.
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