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Nike launches Web3 platform Dot Swoosh! Users can create and sell virtual products, with priority registration for CloneX holders.

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Nike launches Web3 platform Dot Swoosh! Users can create and sell virtual products, with priority registration for CloneX holders.

In May of this year, Nike launched a mysterious website to celebrate its 50th anniversary, hinting at a new experience coming from NIKE. After half a year, the veil of this website has finally been lifted. The platform, known as "Dot Swoosh," will serve as Nike's Web3 ecosystem platform, aiming to promote the experience of virtual products in a simple way to customers who are inexperienced in the Web3 field.

Nike Web3 Platform Dot Swoosh

According to VOGUE, Nike is set to launch the Web3 ecosystem platform Dot Swoosh, a project under Nike's virtual studio led by former Nike Snkrs App head Ron Faris.

Dot Swoosh aims to be the hub of Nike's virtual creations, where users can purchase, showcase, and trade physical or virtual products. The platform is set to launch officially this Friday, with the first digital collectibles expected to be released in January next year.

"When you think about virtual products like virtual sneakers, it's not just about the shoe, it's about the product and the experience it delivers, supported by services and functionality. Virtual sneakers may allow owners to pre-order physical shoes, chat with shoe designers, or unlock wearables in their favorite games," said Ron Faris.

Future Key Goals of Dot Swoosh

Last year, Nike announced the acquisition of the RTFKT studio, which has generated up to $185 million in revenue for Nike during this period, half of which came from CloneX NFT. With the launch of Dot Swoosh, Nike will no longer be confined to the current framework and will continue to expand beyond the RTFKT user base to those customers with less experience in the Web3 space.

Ron Faris believes that education and ease of access for users to enter this field are key goals. Therefore, Nike will be hosting events in select U.S. cities in the coming months, including Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville, and New York.

"We won't immediately sell you anything, but will start by spending time on education. The challenge lies in exploring how to respect the principles of Web3 without alienating a large number of users or becoming difficult to understand," said Ron Faris.

Key Elements of Dot Swoosh

"Co-creation" will be one of the core elements of Dot Swoosh, where people on the platform can participate in designing elements, such as voting on shoelaces or colors, or selling their own created products to earn royalties. Additionally, users can create their own ".nike" domain to showcase or sell products.

Benefits for CloneX Holders

According to a post retweeted by RTFKT, Nike and RTFKT will seek potential investment opportunities to strengthen the RTFKT community. CloneX holders will also have priority access to register for Dot Swoosh ID, allowing them to participate in the new ecosystem early.