Web3 in the Big Leagues 🏀

Hey fam!

Between the fall of FTX, a prominent crypto exchange, and almost every tech company either planning or executing layoffs due to a looming recession, it’s safe to say that we’re in scary hours. Yet even amidst the craziness, we see glimmers of hope that keep us optimistic about the future of web3. 

This week, we’re breaking down how major corporations are making waves in web3 and positioning themselves to take advantage of this new version of the internet.

Let’s start with Nike

If you remember about a year ago, Nike previewed that it would start to dabble in the NFT space by acquiring RTFKT (pronounced Artifact). According to their website, RTFKT uses game engines, NFT, blockchain authentication, and augmented reality to create one of a kind sneakers and digital artifacts (emphasis on the digital). They’re popularly known for their creation of Nike’s first NFT collection, CryptoKicks. 

One Year Later - Introducing .Swoosh

Well, that acquisition has now evolved into a serious Web3 play. Just last week, in the midst of the madness of FTX, Nike launched .Swoosh, a Web3 platform intended to host all collections of Nike and create a community for its most creative users. The platform will be built on Polygon. 

But what does this actually mean? Here are a few key things we know that .Swoosh will have to offer:

• Nike NFT collections: it sounds like Nike’s initial focus on sneaker NFTs has expanded  well beyond that category to other Nike collections, all of which will now be housed and purchased on .Swoosh. These NFTs can also be “worn” by digital avatars in video games and the metaverse

• Royalties: on .Swoosh, creators and general consumers will be able to create their own Nike branded NFTs that can be further sold on the platform. But here’s the cool part, the creator can get royalties on their purchase (if you’re not familiar with NFT royalties, check out our newsletter on this topic a few weeks back!). This is MAJOR

• Special Access: looks like there will also be some perks to joining .Swoosh - members will gain access special access, content, and pre-orders on upcoming drops too, and this is in person too, not just in the metaverse

• Community Building: on .Swoosh, you’ll find your tribe - co-create, collaborate, and even compete with some of the finest like-minded creators in the game   

The platform is in its beta version, being tested by select users in US and Europe. The intent is for the platform to be fully available by 2023. 

Nike isn’t the only one making plays in web3

Other large corporations have been innovating in the space, and they’re all building off of Ethereum’s scaling network, Polygon. 

1. Starbucks Odyssey: Not that any of us needed another excuse to spend an obscene amount of money at Starbucks, but they have officially launched a new experience powered by Web3 technology that will offer Starbucks Rewards members and Starbucks partners (employees) in the United States the opportunity to earn and purchase digital collectible assets that will unlock access to new benefits and immersive coffee experiences.  

2. Disney NFTs: Between Marvel, Star Wars, and Pixel, it’s no secret that these brands have a hold over our community. As is true in the world of web3, loyal followings result in a special opportunity to engage your fans through NFT collections, whether large collections or 1-of-1 pieces. Disney has done a masteful job of making NFTs of some of the most loved and culturally signifcant brands and selling them on an app-based NFT marketplace called Veve. We know from experience that all Disney drops tend to sell out in seconds, so if anyone gets a Black Panther NFT let us know. 👀

3. Adidas Wearable Collections: adidas Originals has announced that they are launching their first collection of NFT digital wearables. It’s a 16-piece limited edition collection which marks the launch of a new adidas Originals product category the brand is calling “Virtual Gear.” You may be wondering who will have access to this? Well, it’s not quite open to everybody—only Bored Ape Yacht Club, Mutant Ape Yacht Club and Inhabitants holders at this time. But now that Nike has created .Swoosh, it’ll be interesting to see if and how Adidas competes with them for general consumers.

What does this mean for you?

Let’s take a step back and think about what’s going on in this big world of ours. Sadly, the markets have not been great, forcing many companies, particularly tech or tech-adjacent companies to get creative on how they can generate revenues. While the NFT market may be cooling down from a valuation standpoint, it’s opened a whole door of possibilities for what this can mean to creators, and even revenue generation for companies. Our take is that this is the start of many companies getting involved in the NFT space. However, it’s still super early, so it’s tough to tell whether these projects will pan out the way these companies intend. But nonetheless, we gotta stay tapped in to see what this market could have in store!