Now that we’ve officially entered an era where online presence has taken over a majority of our lives, web3 has officially entered the chat, and for good reason.

Coined by Polkadot founder Gavin Wood in 2014, the term refers to ” a decentralized online ecosystem based on blockchain.” All in all, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to users in the form of ownership, an industry Nike has just recently tapped into.

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Nike’s Web3 platform is called  “Dot Swoosh” 

Nike’s “Dot Swoosh” platform was officially announced on November 14 and will drop in January with a digital collection.

“Today, Nike is announcing Dot Swoosh, a new Web3 platform and ecosystem that lives at the domain Swoosh.nike. The project sits under Nike Virtual Studios, which is led by VP Ron Faris, the former head of Nike’s Snkrs app. Dot Swoosh will be the home of Nike’s virtual creations, Faris says, and it launches this Friday. (People can register starting today, and access begins through an access code.) A first digital collection will drop in January,” as reported by Vogue.”

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People on the platform can buy, show off, and trade phygital and virtual products.

Dot Swoosh will allow its consumers to buy, show off, and trade physical and virtual products for online consumption.

“The platform will be a place for people to buy, show off and trade phygital and virtual products; unlock access to events and products; and co-create products.” Says Vice President, Ron Faris, The former head of Nike’s Snkrs app. “When you think of a virtual product like a virtual shoe, it’s not just a shoe; it’s the product and the experience, service or utility baked in.” For example, a virtual shoe might enable holders to preorder a physical counterpart, enable token-gated chats with shoe designers or unlock wearability in a favourite game. “We don’t see that virtual product as the end of the purchase journey; it is the beginning of the journey,” Faris says to Vogue.

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 “A key component will be co-creation, including the ability for people to weigh in on design elements and sell their own co-created products,” says Vogue.

Co-creation will be a significant component of the web3 platform, which will allow platform users to create design elements and sell co-created products.

“Those who win community challenges will be given the chance to co-create and earn a royalty for every virtual product they helped co-create. Through Rtfkt, Nike also raked in $1.29 billion in secondary royalties — so Nike giving co-creators royalties on virtual goods is no small commitment,” says Vogue.