What is .Swoosh by Nike? - Episode 308 - by cryptohunt.it

What is .Swoosh by Nike?

Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English.

Why is Nike, the popular brand, even a topic on this podcast? Well - you may not have heard, but Nike has actually created a very popular NFT collection. And now they are doubling down to build their own store in collobration with blockchain company Polygon.

Sounds strange? It’s actually quite logical. Let’s dig in together!

You will know Nike mostly as a sports apparel brand. But for decades, their products have also created devoted fans, especially of their sneakers. And it’s not just to wear them - collectors think of them as a rare piece of art, many just buy them to put them on the shelves, unopened. And like other collectibles, many of these sneakers have gone through the roof in price, creating a whole industry around them.

In that context, you’ll see why Nike got into NFTs. Because those are simply digital collectibles, it wasn’t a stretch for Nike to release digital sneakers. The first release, called “Cryptokicks”, took the NFT space by storm and brought new people into the world of crypto. Think this couldn’t have been THAT successful though? Well, collectors have already traded those digital sneakers back and forth for a total of $1.3 billion dollars. Holy kicks!

Ok, you say, and we know you are thinking: Why release just one run of NFT sneakers if people love them? So did Nike: .Swoosh is going to be an NFT marketplace where Nike will drop many more collections over the years, including virtual shirts and more sneakers. Their partner to get this off the ground is Polygon, which is a blockchain that allows fast and cheap transactions. When you want to reach the mass market as a brand, that is really important.

And if all that didn’t sound like a lot of news coming from an apparel company, hold your breath: Owning one of the digital collectibles will also give you access to exclusive communities and access to real-world collectibles and events.

So you see: where traditional brands intersect with Web3, things can get interesting. In tomorrow’s episode, we’ll dive deep into their minds: What do Nike and co get out of it?

This podcast is produced by Cryptohunt.it, the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.