Streetwear x web3: RTFKT + Nike tease a sneaker and the internet is NOT gassed
they are however, jizzing their pants about .SWOOSH.
Welcome to the fourth SW3 newsletter! We had 12 new subscribers this week, yay! Thanks for sharing and sending onto friends. In my last post we spoke about the 5 ways that I foresee streetwear and web3 working together.
This week, I of course need to address the news that’s been blowing up the web3 space in the past week and thats Nike announcing their new web3 play, Dot Swoosh.
Before we get into why everyone is jizzing their pants about this we need to rewind back a while…
Back in late 2021, Nike announced they were buying RTFKT.
I’ve mentioned them in previous posts, but RTFKT are a company, or brand I guess, creating digital garms and sneakers. When this happened it sent a major signal - big brands are taking web3 seriously.
Since the RTFKT acquisition, web3 heads have been eagerly awaiting what Nike had in store for a web3 play, and how that would include RTFKT.
And now the day has come! Nike’s web3 play is Dot Swoosh, a new platform announced just last week.
Dot Swoosh will enable its members to gain access to exclusive events, the chance to collaborate with Nike designers on virtual products and earn royalties from the sale and resale of those products.
WHAT IS DOT SWOOSH?
The official word from Nike is -
‘Nike is launching .SWOOSH, a web3-enabled platform that champions athletes and serves the future of sport by creating a new, inclusive digital community and experience and a home for Nike virtual creations.’
Ok, so it’s a space to purchase Nike’s metagarms. Cool. What else?
Well what seems to be getting people really excited is that they mentioned that members of .SWOOSH will be able to co-create virtual creations (such as kicks or jerseys for example).
I guess this is cool because it essentially allows any members to have the chance at co-designing pieces with Nike and having them retail on the .SWOOSH store, and as we know, most creations inside web3 have a royalty attached (I spoke about the role of royalties for streetwear creators in my last newsletter). Simply put - owning royalties on an item means a cut of the future resale value.
This is a big step towards the future because it seemingly makes designing for / with Nike a lot more accessible than previously.
Since the launch last week we have seen Dot Swoosh roll out community activations in Atlanta, plus the first member passes go out to waitlist members.
We also got a glimpse of some assumed Nike x RTFKT gear via influencers on twitter, and let’s just say people weren’t that gassed.
WHY IS DOT SWOOSH IMPORTANT?
I mean beyond the usual fun and excitement of Nike announcing anything new, I think this is super important for both web3 natives and muggles alike because like Starbucks before them, it’s a big corporate company entering web3 without people needing to know they are entering web3.
What I mean by that is yes, dot swoosh is a web3 platform but you don’t need to be a big crypto or NFT head to get it or participate. In fact, you apparently won’t even need a crypto wallet to purchase stuff on dot swoosh. Millions of people will now be getting involved in web3 technology with an incredibly low barrier to entry.
A big problem I see with adoption of web3 by the masses is that the messaging is still clunky, neeky and techy. An average non web3 person doesn’t understand why something is on the Polygon chain, or what a metamask wallet is. But do they understand buying cool digital clothes? Or buying coffees and redeeming loyalty points and experiences (a la Starbucks move to web3)? Yeah, they do.
They’re a huge brand with a huge budget to get the best heads in marketing and messaging on the communication of this. It’ll start to move the masses to web3 simply through saying it the right way. It also gives a lot of credibility to a space thats currently suffering under the implosion of Crypto exchange FTX, as well as various rug pulls and currency crashes.
So personally, am I that excited to buy a RTFKT x Nike hoodie that can give me some AR wings if I scan a QR code?
No.
Am I excited about the mass adoption of web3 into culturally relevant brands?
Yeah.
Also happening this week in SW3…
Givenchy drop a new collab with b.(STROY) and a selection of the pieces are phygital, meaning if you buy the physical piece you will also receive an NFT depiction of the item.
That’s it for this week, keep your eyes peeled for next week’s newsletter.
Heard of some cool shit happening I should cover? Need someone to help you form your brand’s web3 strategy? Drop me a line - yo@sarahakwisombe.com