Nike claims its domain exists to “ensure it’s a safe and trusted space” where members can collect virtual creations, “like virtual shoes or virtual jerseys.” What seems clear is that the competition structure, as with brand dominance, will safeguard ultimate ownership and oversight of Nike’s activities, which is not exactly in keeping with the decentralized ethos of Web3.

Although there will be no avatars at launch, the brand’s stated ambition is for virtual products launched on the Swoosh to be usable on and off the platform. “I imagine the avatars in RTFKT can use our wearables as well as the avatars in the games you already play,” says Ron Faris, vice president and general manager of Nike Virtual Studios, the brand’s arm launched in early 2022 to focus on virtual …