Faced with a declining crypto market rocked by the FTX exchange bankruptcy scandal, one company is moving forward with its Web3 platform.

Nike has launched its .Swoosh project, an NFT marketplace built on the Polygon blockchain. While the timing of launch has some issues, Nike believes that NFTs aren’t going anywhere anytime soon and that it’s better to be in than out when it comes to Web3 and crypto.

Nike launches its .Swoosh Web3 platform

Nike’s .Swoosh platform will become the focal point of its efforts to drive Web3 services. It will feature NFTs for all kinds of Nike-branded virtual apparel, including iconic sneaker designs, clothing lines, collectibles, and more.

There’s also the promise of future collaborations with Nike-sponsored professional athletes, unique real-world benefits of owning Nike NFTs, and an entire ecosystem of Web3 integration.

Nike NFT has not appeared out of nowhere. In 2021, Nike bought NFT and the digital clothing company RTFKT. It also registered its name, the “swoosh” logo, and its “Just Do It” tagline for use with virtual goods, signifying an imminent foray into digital apparel and Web3 services.

The .Swoosh platform itself will use Polygon (what is Polygon?), an Ethereum Layer-2 network that enables faster transactions with lower gas fees. That’s a slight departure from previous Nike NFT drops, which used the “regular” Ethereum blockchain. Switching to Polygon makes sense as the sidechain is faster and it’s generally easier to scale up operations.

Currently, little is known about pricing. How much will Nike charge for its NFT shoes? Some estimates put the price at around $50, but without a single word from Nike, it’s all speculation.

Nike’s official blog post doesn’t reveal much either:

Starting in the New Year, you will be able to buy and trade. But first, we learn. There’s a process we’re still perfecting and we can’t do it without you. Accelerating a culture of innovation takes time and teamwork.

The first .Swoosh NFT release will take place in January 2023. Nike will likely hint at what the NFT release will feature at that time, but it will likely include Nike-branded sneakers, t-shirts, and similar digital apparel.

Nike and RTFKT’s first NFT release, CryptoKicks, was well received and took collectors through a series of puzzles to unlock NFTs. It remains to be seen if we will see the same steps for the full release of .Swoosh.

User registrations for .Swoosh are expected to open in November 2022, although there is no set date. Initial signups will gain access to the .Swoosh beta platform, which will be fully launched in January 2023.

Until then, start saving your Ethereum, because buying the best NFT drip won’t come cheap.