A few hours after announcing the Web3 platform, the biggest sports brand in the world filed three new Metaverse-related trademarks with the United States Patent and Trademark Office.
On November 14, Nike announced they were working on a new Metaverse platform under its NVS (Nike Virtual Studios) label. The move surprised many, considering that the NFT market has significantly slowed down over the past six months.
But from the look of things, Nike is still going in on their plan to conquer the Metaverse. How do we know? Just a couple hours after making the official announcement about their new platform, Nike filed three new trademarks with the USPTO.
What’s the .Swoosh Platform All About?
Like many companies before, Nike decided to try the Metaverse. Nike created the .Swoosh – pronounced DOT SWOOSH – a platform that will house all of the brand’s virtual designs and creations.
The .Swoosh platform lives on the Polygon Blockchain network, and it allows users to:
- Design and trade Nike’s virtual creations like sneakers, apparel, and accessories
- Buy, trade, collect, and display all of the NFTs Nike plans on releasing in the future
- Get access to limited digital and physical drops as well as exclusive content
- Co-create with some of Nike’s biggest designers and collaborate with others
As Nike explained in the statement, the brand’s mission is to use new technology to push boundaries, stay at the forefront of digital innovation, and explore what’s possible in the world of creativity.
What Trademarks has Nike Filed?
Many wondered if NIKE would follow through with their Metaverse plans. But they wasted no time filing three new trademarks, giving us a better idea of what’s coming.
On November 14, the USPTO received three applications for trademarks connected with the .Swoosh platform from Nike:
- Nike’s Swoosh logo
The applications cover downloadable virtual goods, including sports gear, clothing, footwear, collectibles, content creation software, and trading cards. They also cover real-life versions of apparel, footwear, jewelry, gear, and collectibles.
The filing also indicates that Nike will offer custom manufacturing services for these goods. These trademarks show that Nike plans to work on digital goods and designs and have their designs in the real world.
What’s the Future for Nike in the NFT Space?
It’s clear that Nike is serious about entering the Metaverse. As we covered before, Nike has made more than $185 million for NFTs this year alone, and the company is setting up for even more success with its new .Swoosh platform.
One thing that has made things skeptical is the fact that Nike’s NFT trading volume has declined steeply in the last six months. Nike’s NFT price went from nearly $24,000 in August to less than $16,000 in November, according to data collected by Dune.
While the company will continue maintaining a presence in the NFT space through its .Swoosh platform will be interesting to see how their new initiatives influence their success in this area.
Nike’s Plans for .Swoosh in 2023 and Beyond
Next year, Nike will launch its first digital collection shaped by the platform’s user community. The company intended to sell digital sneakers for around $50 a pair. Whether or not this will be successful is up in the air, but one thing’s for sure: Nike will surely make waves in the NFT space with their ambitious plans.