Swooshes and Waves
By Greg Kahn
Emerging Tech Exchange
Founder & CEO
Published on April 19, 2023
Whoever’s been saying “NFTs are dead” hasn’t been paying attention to Nike the past five months.
I can’t underscore this point enough: no matter how powerful and popular your brand, product line, content distribution, or service strength are, you must continue to innovate… or risk being left behind.
Let’s get to the news this week:
Nike Unveils NFT Drop and Unlocks New Era of Digital Creation
Nike’s Air Force 1 (OF1) sneaker drop on Tuesday was unlike any other in its history; you can buy it, you can display it — but you can’t wear it. You won’t even know what the design looks like until an undisclosed later date
What investors, brands, media pros need to know:
The Our Force 1 is Nike’s first NFT — its first virtual sneaker collectibles. It’s a total game-changer.
Nike launched its web3 digital community called SWOOSH last fall.
The new metaverse experience uses blockchain-powered technology to offer a place for athletes, creators, collectors, and consumers to design their own Nike virtual creations.
To ensure it is a safe, trusted space, .SWOOSH has its own domain: welcome.swoosh.nike where Nike Members will be able to learn about and collect interactive digital objects, such as virtual shoes or jerseys, that community members will be able to wear in digital games and experiences. Some community members will be able to unlock access to physical products or events like one-on-one encounters with athletes or designers.
“This approach meets consumers wherever they play and shop sport and offers a gateway into a new digital arena,” Ron Faris, GM of Nike Virtual Studios, said when the site debuted. “We are shaping a marketplace of the future with an accessible platform for the web3-curious. In this new space, the .SWOOSH community and Nike can create, share, and benefit together."
OF1 represents a new beginning both for the brand and for digital tokens
The special price confirms it: Consumers can choose from two “virtual shoeboxes,” "Classic Remix" or "New Wave," each cost just $19.82 — a nod to the year the Air Force 1 sneaker was first released.
The price alone will introduce many consumers to the value of digital collectibles. In a larger sense, Nike’s move will demonstrate what loyalty and customer experience means in the emerging web3 era.
You have to marvel at Nike’s boldness. To get the OF1, SWOOSH members pay for a digital box first; then Nike makes them wait to see what design they end up with. Nike will reveal all the OF1 boxes at once sometime after May 10.
Greg Kahn
Emerging Tech Exchange
Founder & CEO
