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NIKE Launches New Platform in the Metaverse

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Nike recently joined the metaverse with the launch of their new blockchain technology platform. 

Known as .SWOOSH (pronounced dot SWOOSH), the new web3-powered platform not only gives customers the opportunity to join in on exclusive deals but also gives them the chance to create virtual products alongside professional Nike designers. 

After the drop of their first digital collection in 2023, Nike will offer users the ability to take part in specially curated contests that gives the winner the opportunity to make virtual products. 

With the release of the product, the winners will then be able to gain royalties from any sales made. Other users can buy the products to wear during video games and other immersive games

“We are shaping a marketplace of the future with an accessible platform for the web3-curious,” the general manager of Nike Virtual Studios, Ron Faris, said in a statement. “In this new space, the .SWOOSH community and Nike can create, share, and benefit together.”

.SWOOSH will first be available only to a select few; the company announced that they’ll only allow people with an access code to join the platform. Amongst those to receive the code are it’s most loyal customers and people who live in places that don’t always get early access to new technological developments, 

Nike will also give the code to the associates of its diversity, equity and inclusion groups. Overall, the company is devoted to diversifying the community early on and giving communities that are part of their diversity, equity and inclusion programs first access to the program. 

Nike’s commitment to diversity in .SWOOSH is reflective of their general promise to diversify the entire company. According to a 2021 report by CNBC, Nike’s five-year plan includes their goal of increasing representation to the point where half of their workforce will be women and up to 35% will be people from BIPOC communities. 

The company has already increased rates with the percentage of women working for the business internationally already increasing from 48% to 49.5%. Representation for people from BIPOC communities has also already increased exponentially from 15.9% to 29%. 

“We believe NIKE, Inc. (Nike, Converse and Jordan brand) should reflect the athletes we honor and the people around the world who love our products,” said the company in its official statement. “To achieve that, we’re building the structures, hiring practices and culture to empower representation and opportunity at all levels of the company.”

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