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Nike Is Just Doing It When It Comes To NFTs, As Sneaker Maker Announces New Project

Benzinga · 11/15/2022 16:05

Nike Inc (NYSE:NKE) on Monday announced .SWOOSH, a new NFT platform. The site, welcome.swoosh.nike, will allow users to buy, collect and design digital collectibles

In January, StockX, a popular secondary market for sneakers, launched its own NFT platform centered around sneakers. Some of the NFTs that StockX had on its platform were modeled after Nike shoes. 

Nike sued StockX for using the likeness of Nike sneakers and is now launching its own NFT platform, which appears to be similar to the one StockX launched nearly a year ago. Users can register for Nike’s NFT platform this month, but the site will launch its first collection in 2023. 

Read Also: Nike Sues StockX Over Vault NFT Series: What Investors Need To Know

Nike says that users will be able to collaborate on digital designs, and winners will be able to co-design an NFT with Nike, and even earn royalties on that design.

“Shortly after the first digital collection drops, members will be able to enter a community challenge to win the opportunity to co-create a virtual product with Nike. Those winners can earn a royalty on the virtual product they help co-create,” Nike’s press release said. 

NFT sales have been down from their peak, as sales continued to drop in October by about 25% from the total NFT trade volume in September. Nike will hope that its new NFT platform will not only bring in revenue, but also help create more hype and excitement around its products.

Price Check: Shares of Nike were up 2.19% to $106.68 on Tuesday, the stock is down 35% so far this year.