Nike Launches Its First NFT Sneaker Collection on .Swoosh

Global sportswear brand Nike will soon release its first non-fungible token (NFT) sneaker collection on its recently launched .Swoosh platform.

The virtual sneaker, called Our Force 1 (OF1), is a play on the brand's iconic Air Force 1 design. Beginning on April 18, Nike will begin airdropping "posters" to select .Swoosh users, granting them early access to the sale on May 8. On May 10, the entire .Swoosh community will be able to purchase the digital goods through its marketplace.

Users will have a choice of two digital boxes – the "Classic Remix" and the "New Wave" box – with each box type corresponding to different possible designs, including a design co-created by four Nike fans in January. Each box is priced at $19.82, a tribute to the year the Air Force 1 sneaker was first released.

Holders of the OF1 boxes will be able to open them at a later date. Nike says that each NFT will come with a paired 3D file that holders can use to "express themselves in new ways," and that it plans to add broader utility, including "exclusive physical products or experiences," in the future.

"We are exploring new ways to tell stories and create relationships while removing the barriers and limitations of physical product," said Ron Faris, general manager of Nike Virtual Studios, in a press release.

Nike released a beta version of its .Swoosh platform in November, teasing that the platform would be used as a resource for Web3 education and as a platform to buy and trade digital collectibles. The company added that items purchased on .Swoosh can be worn in video games and other immersive experiences.

Members of .Swoosh will also be allowed to create their own collections and earn royalties from sales. In January, Nike held a contest with a $5,000 prize challenging .SWOOSH community members to build a visual storyboard on Instagram showcasing their footwear design ideas.

Nike's announcement comes days after Global footwear brand Adidas released Chapter 1 of its ALTS dynamic NFT collection that will grant holders access to the ALTS by Adidas ecosystem and interactive storylines.