Nike Jumps Further into Metaverse With Virtual Sneaker Platform

The world’s largest sportswear company is taking its talents to the metaverse. 

Nike plans to launch online store and trading platform .SWOOSH, which will house virtual sneakers and apparel and allow users to collect and display items they own. The platform, which opens registration on Friday, will also provide education on the metaverse and Web3. 

• Nike plans to launch its first digital collection in 2023. 
• Select Nike athletes will have individual storefronts on the platform.
• All items will be priced using U.S. dollars to reduce volatility. 
• Some items may provide access to physical products and be available in video games. 

.SWOOSH adds to several metaverse-related investments for Nike. 

The sneaker giant filed a patent in 2019 to pair physical shoes with NFTs, and in November 2021 it filed a trademark application to use the swoosh logo and “Just Do It” slogan in digital environments. In December 2021, Nike acquired RTFKT, which produces digital collectibles. 

To date, Nike has pocketed close to $200 million from NFTs products, per Dune Analytics. 

Legal Woes

Nike — which generated $12.69 billion in revenue in fiscal Q1 2023, beating analysts’ estimates of $12.27 billion  — has been sued by NFL free-agent wide receiver Odell Beckham Jr. over allegations that it withheld millions of dollars in his endorsement deal.

The lawsuit alleges that Beckham “has suffered damages of $20,625,000 plus prejudgment interest.”