Nike the latest fashion icon to step into the metaverse with new virtual trading platform

Fashion giant Nike has announced it is creating its very own space in the metaverse with the launch of a digital trading platform.

Named after Nike’s iconic logo, the platform will be called .Swoosh (pronounced ‘dot Swoosh’), where users will be able to “collect, trade, and flex” virtual Nike products.

Nike will release its first collection of products on .Swoosh in January, general manager of Nike Virtual Studios Ron Faris said.

Except, unlike at a normal retailer, shoppers won’t be able to wear these items in real life.

Instead, these items will be entirely virtual, similar to NFTs (non-fungible tokens) and various forms of cryptocurrency.Like Nike, fashion brands Gucci, Prada and Balenciaga are also getting into the game of online-only clothing.

Shoppers won’t yet be able to wear these Nike items in the metaverse, with the brand saying members would “soon” be able to wear these in video games and digital experiences.

However, it is not clear on which sites or platforms .Swoosh assets will be compatible.

Nike says some users will also have the opportunity to collaborate on the design of real Nike products, and even earn a percentage of the royalties.

The platform is currently in beta testing, with registration to join opened on November 18.

‘Safe, trusted space’

Nike wants .Swoosh to be more than a trading platform.

It intends for it to be a space for community interaction, calling it a “safe, trusted place” for Nike fans to “create, share and benefit together”.

Nike has previously forayed into the metaverse on other platforms.

The brand made its metaverse debut in 2019 under the Jordan sneaker brand, which released a collection of virtual sneakers in the hugely-popular video game Fortnite.

Nike has also engaged sneakerheads in ‘Nikeland’ – a metaverse space created by the brand on Roblox, a popular video game platform with over 55 million daily active users.

Within Nikeland, users were able to purchase virtual goods to wear in the Roblox world using in-game currency.

Nike also had a presence on NFT marketplace OpenSea earlier this year, where it launched its hugely-popular CryptoKicks NFT collection.

Nike fans paid as much as six figures for a single pair of virtual kicks, with the company recording a $US3.1 million ($AUD4.62 million) profit from the project.

But it looks like these virtual endeavours may soon become obsolete with the arrival of .Swoosh, given it’s set to become Nike’s exclusive location for its digital web3 efforts.

Mr Faris told Wired UK that the company hasn’t yet finalised what will happen to Nikeland.

Virtual reality race

Nike is far from the only fashion brand to explore the world of virtual fashion.

In fact, while digital clothes and footwear might seem like an unnecessary frill, it’s becoming increasingly common for fashion brands to get involved in the metaverse.

Gucci is considered to be one of the leaders in the space, having launching a pair of digital kicks back in 2021.

The sneakers were somewhat of a catch, selling for just $17.99, compared to typical Gucci prices of over $500.

And with the chunky sneakers only available in a lime green, hot pink and aqua colour combination, they sure made a statement.

Tweet from @gucci

Gucci has also invested in virtual land, announcing in February that it had bought land in The Sandbox metaverse – a digital real estate platform.

Sitting within its virtual plot is the Gucci ‘Vault’, which is the fashion giant’s own digital retail store.

The Gucci Vault is home to its many crypto and NFT projects, which officially opened to the public on October 27 and closed on November 9.

And it wasn’t only a marketplace – the Vault was also an opportunity for users to learn more about the history and heritage of the legendary fashion house.

Meta, formerly Facebook, is unsurprisingly heading down the virtual fashion path.

The company announced a complete rebrand back in October of 2021, and has directed much of its energy to expanding its presence in the metaverse.

In June of this year, the company announced that users would be able to purchase digital fashion for its brand new Meta marketplace, to use on their avatars in Instagram, Facebook, Messenger and VR landscapes.

High fashion labels Balenciaga, Prada and Thom Browne have all signed on to sell their collections to be worn on Meta avatars.

However, Meta says it hasn’t yet figured out how to give its VR avatars legs and feet, which may prove to be a problem for fashion houses hoping to flaunt their footwear options.

And the virtual outfits are just a fraction of what it costs to wear designer in the real world. Items in the avatar store will range between $US2.99 ($4.40) and $US8.99 ($13.40) to start.