Multinationals and other smaller companies are very interested in everything related to the cryptocurrency sector. A rapprochement greatly accelerated by the explosion of the NFT market and the prospect of a Web3 between decentralization and metaverse. These still very theoretical virtual universes, which will nevertheless have to be filled with digital objects. And whose promises seem endless to companies seeking new markets. Therefore, many strategies are being developed so as not to miss this trend. A dynamic that includes Nike and its subsidiary RTFKT (pronounced “Artifact”).
The list of prestigious companies slipping into the cryptocurrency lair continues to grow. This is to make it an official means of payment, as in the recent case of the luxury label Balenciaga. Or to force a breakthrough in a sector of the metaverse that is still largely in the making, with the newly renamed Meta (ex-Facebook). This without forgetting the NFT tokens, at the center of all attention, with a very first official collection launched by the eBay platform.
An undeniable dynamism, which will now be impossible for even the worst enemies of this multifaceted digital economy to ignore. And whose many internal strategies make it possible to see where today’s big companies are putting their balls in the sector. With, in the case of equipment supplier Nike, a strong tendency to move towards Web3 as we consider the acquisition of digital creation studio RTFKT late last year. And his interest in the Ethereum (ETH) blockchain, which dates back to 2019, to find a cure for counterfeits.
Nike – Purchase of the Ethereum domain “DotSwoosh”
The Nike company’s tendency to project itself into the digital field is no longer up for debate. And it is with the help of his creation studio RTFKT that this dynamic is confirmed. The latter already happily owns a dozen domain names on the Ethereum network. This via the Ethereum Name Service (ENS) structure behind their certification. And lastly, the “dotswoosh.eth” for the sum of 19.72 ETH (about $35,000). Knowing that, for your information, “swoosh” means “comma” in English…
† Nike/RTFKT just acquired the ENS domain “DotSwoosh.eth” for 20 ETH (35,000 USD) We’ve done some research, but haven’t found any specific information yet. We can’t wait to see what they’re up to with this amazing domain!†
And even if the purchase of this domain name does not allow to know the intentions of Nike, certain tracks are approached. Such as the ability to issue subdomains distributed and managed by the company and associated with this official “dotswoosh.eth”. This is the same as on the internet nowadays. And so an option with which you can create addresses of the type ‘gerard.dotswoos.eth’, for example.
RTFKT – Towards a digitization of sport
Whatever, this strategy by Nike appears to be part of a broader approach to mass purchasing of logos and other domain names. First, to avoid the risk of seeing them buy by others and then resell them at a high price. With certain registered trademarks such as “Nikeland” or “Just Do It” applicable to metaverse-type virtual universes. While at the same time it initiates legal proceedings to prevent the publication of NFT representing its products without its consent. Another quirk of Web3 that should not be overlooked…
With competition already present. Since other emblematic companies like Adidas are very interested in all things NFTs and other virtual universes† And an undeniable success of sports-like applications Move to earn, carried by the StepN (GMT) project, the explosion of which is disrupting even the ranks of Chinese regulators. Not to mention the strong propensity of the cryptocurrency sector to invest in sports sponsorship, with more than $1 billion paid out in 2021. Suffice it to say, this meeting between sports and digital is still in its infancy. …