The Metaverse, Web3, and NFTs featuring Nike
Updated: Aug 11
Nike has come a long way from a small running shoe start-up in the early 1980s; they're now a premium brand in the world of sports. Now they're venturing into the blockchain world with innovations such as metaverse, web3, and NFTs; it should be interesting what the future holds for Nike.
Nike's Metaverse: Nikeland
Nike has officially entered the metaverse, Nikeland, using the Roblox platform. Fans can interact, freely socialize, and experience the Nike brand through this virtual reality. Since the creation of Nikeland in November 2021, the company's digital world has gotten a whopping 7 million visitors.
Some celebrity appearances, such as LeBron James, showcase their support and give their seal of approval by buying digital products available throughout Nikeland.
With these products, any user can let their "avatar" or digital version showcase these items, win various digital products and receive rewards. All users can display their treasures in their "yard," personal digital space within Nikeland.
What's Next: Nike, Web3, and NFTs
With the NFT craze gripping the world, Nike has also decided to jump on board. In December of 2021, Nike showed a strong interest in entering the NFT game when it purchased RTFKT Studios. This company branded itself as creating the "next-generation" of NFT collectibles.
Nike sold 600 NFTs in less than 6 minutes for $3.1 million. The first NFT collection was the CryptoKicks Dunk Genesis, made in partnership with RTFKT Studios.
The selling point here is that buyers can further customize their NFTs using "skin vials," these vials are designed but various digital artists who provide another layer of special effects and eye-captivating intrigue to these virtual shoes. Nike has a clear vision of how it can provide value to consumers in a world that's becoming digitalized as time goes on.
The Future: Experiential Stores
Nike continues breaking the rules regarding how people shop by adding a new layer to the experience. As Nike's stores become less about trying on shoes and more about showcasing some of the latest gadgets in the world of sports, consumers are in for a treat.
For example, in Nike's flagship store in New York, customers can fully engage with products. Whether for a three-pointer or a layup, consumers can see tech that can take fresh action shots of themselves in the middle of showing off some excellent skills.
As times change and consumers want to be delighted even as they shop, it'll be interesting to see what else Nike develops in the future.
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