Nike dives into video game wearables, explores NFT fashion

The digital wearables branch of Nike, .Swoosh has hinted at diving deeper into the domain of video game fashion. The company has also expressed doubts over its non-fungible token (NFT) expansion plans, according to a Jan. 12 blog post.

Nike unveils virtual journey

.Swoosh, the digital flagship of Nike’s sportswear giant has told in a recent announcement about its endeavors and previews some upcoming plans.

Nike also plans to strengthen its position in the video game space by launching a new line of virtual products called “Nike In-Game Wearables.”

The team says these wearables can be purchased and worn directly within one’s favorite video games, virtually bringing actual realness into gaming.

The post highlights that the emphasis is on the joy of collecting and self-expression rather than mere transactions.

Nike intends to deepen its engagement with the community by offering exclusive physical products tied to in-game wearables, fostering a sense of appreciation for loyal members.

You might also like: Nike’s NFT sneaker collection to make in-game debut at EA Sports

Beyond digital collectibles

An interesting aspect of Nike’s strategy is the recognition that creators should benefit financially. By the second half of the year, Nike aims for users to be able to transfer their digital collectibles into personal wallets that would enable trading on third-party marketplaces.

This move aligns with the company’s policy aimed at providing royalties for art to its creators and promoting collaborative creation.

However, Nike adds that it will not develop its own marketplace, but rather focus on creating products and stories.

This approach aims to focus on what matters most to Nike and its community — a decision rooted in a dedication to product quality and member satisfaction.

Scammers target OpenSea users with Nike NFT scam

Nike’s strategic shift into Web3, scammers jumped on the bandwagon to take advantage of all the hype surrounding NFT.

Leading NFT marketplace OpenSea was a target, with scammers sending phishing emails offering an exclusive partnership between Nike and RTFKT with a promise of an NFT offering.

One recipient, MasterJew.eth, co-founder of ApeFathersNFT, took to X to alert the public about the fraudulent scheme.

This incident highlights the need for users to exercise caution and verify communications from trusted sources in the rapidly evolving NFT landscape.

Nike web3-enabled platform

.Swoosh, described on Nike’s official blog as a “web3-enabled platform,” serves as a digital community fostering inclusivity for athletes, digital creators, and collectors.

Positioned as a space to shape the future of sports, .Swoosh allows members to explore and purchase virtual collectibles, including shoes and jerseys, soon wearable in digital games and immersive experiences.

Per data from CoinGecko, the global NFT market cap is over $28.1 billion, with a -3.6% decline and trading volume of over $2.8 billion in the last 24 hours.

Read more: NFT market analysis: 2023 highlights and 2024 forecast