Thanks to Rtfkt’s NFT sales, and with the NFT collections leading up to the acquisition of the native Web3 company, Nike has already made at least $185.3 million in revenue on Web3 products and is ahead compared to competitors Adidas, which has earned $11 million, and Puma, an estimated $1.3 million. Rtfkt’s CloneX NFT avatar collection accounted for approximately half of Nike’s total revenue from NFT sales, demonstrating the importance of the acquisition to Nike’s Web3 strategy thus far. Now, with the Dot Swoosh, Nike wants to broaden the audience for its Web3 strategy, going beyond Rtfkt’s endemic customer base and tapping into its own, who may be less experienced in the world of Web3. The goal is to educate and onboard the Nike community, rather than Web3 natives, to “level the playing field,” says Faris.
To accomplish this, Nike Virtual Studios will host events in six cities (Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville, and New York) in the coming months to distribute access codes, with a specific focus on inclusion. These cities aren’t obvious tech capitals, but places that can’t always get early access to new innovations, Faris says.
It will be at least a month until there is something to buy. “We are not going to sell you anything right away. We are going to take our time to educate.” The challenge, he adds, is navigating how to respect Web3 principles without alienating a large audience or becoming inaccessible.
The Dot Swoosh project has been in the works for some time. In May, Nike reportedly purchased the ENS domain “dotswoosh.eth” for 19.72 ETH (approximately $38,000 at the time). He also teased the Dot Swoosh microsite through an animation of the Nike swoosh. At the time, Nike director of design John Hoke told Vogue Business that, “For us, the metaverse is an open sphere to explore. What does the next generation think in terms of cutting edge? How do I want to dress myself or my avatar? How do I still cut and have a sense of style?
But, in the Web3 environment, a month can seem like an eternity, and trends change quickly. With the value of cryptocurrency in recession, the promise of revenue sharing might not be as lucrative as it used to be. This could present difficulties at a slow and steady pace. Faris says the strategy will be dictated by learning from what resonates.
Source: news.google.com