Research Summary
The report discusses Nike’s 2024 roadmap, focusing on its web3 plans, including the integration of NFTs into mainstream gaming. The report highlights Nike’s dotSWOOSH platform, which is the central hub for the company’s ventures into web3, NFTs, and virtual apparel.
Key Takeaways
Nike’s Web3 Plans
- Integration of NFTs: Nike plans to take NFTs mainstream in 2024. The company’s roadmap includes the integration of Nike NFTs into popular video games, potentially reaching hundreds of millions of players.
- dotSWOOSH Platform: Nike’s dotSWOOSH platform allows users to engage with digital products and potentially co-create and earn from digital product royalties. The platform has already achieved significant milestones in 2023, including the launch of Airphoria, a Nike-themed map for Fortnite’s 240 million players.
Nike’s 2024 Roadmap
- Virtual Products: Nike’s primary focus for 2024 is virtual products. The company plans to increase its offerings in this area, with a focus on utility inside a variety of video games. Nike has already been successful with the drop of the TINAJ sneakers and the Our Force 1 digital sneakers.
- Phygital Items: Nike plans to provide exclusive physical apparel and footwear based on purchased in-game wearables. To unlock these products, users will need to link their game accounts to Nike and purchase .SWOOSH’s in-game wearables or digital collectibles.
Marketplaces and Self-custody
- Self-custody: Nike plans to allow members to off-ramp collectibles to their own wallets in 2024. This will give users more control over their digital assets.
- Marketplaces: Nike will not build its own marketplace but will work with existing marketplaces that guarantee royalties to creators. This move is seen as a way to ensure that artists and creators benefit financially from their art.
Actionable Insights
- Monitor Nike’s Web3 Initiatives: Given Nike’s significant influence in the sports and fashion industry, its web3 initiatives could have a substantial impact on the adoption of NFTs and virtual products. Stakeholders should closely monitor these developments.
- Assess the Impact of Nike’s Strategy on the Gaming Industry: Nike’s plan to integrate NFTs into popular video games could significantly change the gaming landscape. Game developers and publishers should assess the potential impact of this strategy on their operations and revenue streams.
- Consider the Implications for Digital Artists and Creators: Nike’s commitment to working with marketplaces that guarantee royalties to creators could provide new opportunities for digital artists and creators. These individuals may want to explore potential collaborations with Nike or similar brands.
