Nike’s web3 platform, .SWOOSH, has reportedly generated over $1 million in sales from its first sneaker-themed non-fungible token (NFT) collection. The success of the sales suggests that the demand for well-designed shoes in the metaverse is high, despite some initial technical difficulties and delays. The .SWOOSH platform was launched in November 2022, with the aim of making virtual sneakers accessible to millions of people for less than $50 a pair.
The .SWOOSH team experienced unforeseen errors that delayed the minting process and blocked additional purchases on the first day of the general sale on May 24. This occurred after the sale of NFTs began for a selected group of users on May 15, which was a week after the originally planned launch date of May 8. The marketplace started off with 106,453 NFTs for sale, and at the time of writing, over 71,000 NFTs had been sold, with each NFT selling for $19.82. The price of each NFT is a reference to the release year of Nike’s original Air Force 1 sneaker.
Success of Sales
The strong sales figures indicate that the demand for well-designed shoes in the metaverse is healthy. Despite the initial setbacks, Nike’s .SWOOSH platform has already generated around $1.4 million in NFT sales. However, comments from the .SWOOSH team about an extension of the pre-sale for selected users suggest that at least that part of the sale was moving slower than anticipated. The .SWOOSH team tweeted on May 17, “As a reminder, we have extended the First Access Sale until Wednesday at 11:59 PM PDT to ensure you have plenty of time to participate.”
Nike’s .SWOOSH platform is a platform for virtual creations to be more accessible and to onboard the next millions into the wonderful world of web3 and digital assets. In November 2022, when the .SWOOSH platform was first launched, RTFKT, a company that creates NFTs and digital sneakers for the metaverse, described it as an opportunity to bring millions of people into the web3 space.
Nike’s .SWOOSH web3 platform has generated over $1 million in sales from its first sneaker-themed NFT collection. Despite some initial technical difficulties and delays, the strong sales figures indicate that the demand for well-designed shoes in the metaverse is healthy. The .SWOOSH platform was launched in November 2022 to make virtual sneakers accessible to millions of people for less than $50 a pair. Nike’s .SWOOSH platform is expected to bring millions of people into the web3 space.
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