NFT Contest in Nike's Web3 Venue .Swoosh Offers Designers Access and Royalties

NFT Contest in Nike's Web3 Venue .Swoosh Offers Designers Access and Royalties

1 year ago

The virtual sneaker design contest will pair winners with Nike designers to create virtual kicks that could be dropped with its first NFT drop.

NFT Contest in Nike's Web3 Venue .Swoosh Offers Designers Access and Royalties

Nike's latest excursion into the world of NFT sneakers, jerseys and other virtual apparel for metaverse avatars is a design contest aimed at expanding its .Swoosh community.

The blockchain-based site — pronounced "Dot Swoosh" — is aimed at the crossroads of the surprisingly large universe of serious sneaker collectors and virtual reality gamers.

Launched in November as a place to discuss, display and eventually design sneakers and other NFT wearables, Nike on Wednesday unveiled a new creative collaboration zone, .Swoosh Studio.

The interactive design site is running a contest called #YourForce1 in which registered members are asked to design a pair of sneakers and build a storyboard around them on Instagram.

Noting that the ".Swoosh Studio contest prioritizes creative storytelling over creative skills," Nike said its goal is to "expand the definition of what a creator can be."

And also drum up publicity for its forthcoming drop of its first NFT sneaker collection.

At the November launch of .Swoosh, Ron Faris, general manager of Nike Virtual Studios and head of Web3/metaverse, called it a "marketplace of the future" for "the Web3-curious." He said:
".Swoosh will be a place for people to buy, show off and trade phygital and virtual products; unlock access to events and products; and co-create products."

The contest, which runs through Jan. 29, offers four winners $5,000 prizes and the ability to collaborate on a sneaker with a Nike designer.

If the designs are included in the YourForce1 collection drop the winners will get a co-creation contract that could include the right to collect royalties on every sale and resale of their design.

That last part could actually be a bigger deal than it sounds..

Just Doing It

Nike is far ahead of other major brands in any industry — not just fashion — in making its virtual products desirable enough to rake in a profit.

And the benefits are substantial. In an October report. Dune Analytics revealed Nike was the top retail brand in terms of NFT sales and revenue.

Nike pulled in $186 million in primary sales and royalties from secondary sales of its kicks NFTs, with sale earnings and resale royalties each accounting for half. That was more than double the revenues of the rest of the top 10 combined — which included brands like Gucci, Budweiser and Adidas.

Nike has also put a lot of star power behind its metaverse strategy. When it launched a new sneaker in the LeBron James line during NBA All-Star week last year, it launched a virtual LeBron 19 in its Nikeland home in the Roblox metaverse, with King James doing a "live" meet-and-greet and offering tutorials.

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