Nike Launches NFT Virtual Apparel Store - The future of fashion??

Estimated Read Time: 6 min

Hey friends,

We hope you're doing well amidst these turbulent times in both NFTs and crypto.

Rather than focus on the negatives that have been prevalent all over Twitter (and even the New York Times), we're going to zoom out a little and highlight the entrance of some high-profile global brands entering web3, even in the middle of a historic bear market!

We'll be looking at Nike, SONY, and a rather expensive pair of second-hand sandals worn by the former CEO of Apple... Are you ready? Let's dive in!

Nike Launches dotSwoosh Web3 Platform For Virtual Apparel

When web3 was pitched to Nike last year, their response was (predictably): Just Do It.

One of the first movers among their peers in the NFT space, they famously acquired RTFKT Studios and have been spearheading a host of initiatives. Back in August we covered them hitting a huge $185 million in NFT revenue, miles above the competition; with Dolce & Gabbana in 2nd at only around $25 million.

Building on their expertise in this arena, Nike is now looking to further their lead through the recent announcement of the new NFT platform dotSwoosh, the next-generation destination for virtual apparel and Web3 shopping. Positioned as a hub for all types of digital fashion, dotSwoosh is aimed at enabling both creators and consumers to own a unique digital identity as we slowly transition into a more virtual world.

Hosted on the Polygon blockchain, these Nike-branded NFTs will enable opportunities for people to not only truly own their digital appearance, but also access token-gated experiences and utilities, e.g. exclusive apparel, chats with pro-players, and co-creator opportunities and royalties. With the first drop on dotSwoosh slated for January 2023, we are not far out from a potentially game-changing type of store that hints at the future of consumerism in Web3. 

Check out this comprehensive thread by Blockworks for more details on what it includes.

In the words of Nike themselves:

Knowing this type of statement is coming from the highest-grossing apparel brand in the world, their determination to kick-start the future of Metaverse fashion and digital identity truly exemplifies the long-term potential of NFTs. 

SONY’s New Patent Reveals Behind-the-scenes Interest In NFTs

The fit between NFTs and gaming has long been highlighted as a perfect match, allowing gamers to provably own their digital items. Well, it turns out that the big dogs have been listening — SONY's latest patent hints at a major disruption to this $300 billion industry.

When you see the creators of the best-selling gaming console in 2022 involved, you know that they mean business, exemplified by their latest patent titled ‘Tracking Unique In-Game Digital Assets Using Tokens on a Distributed Ledger’.

A closer look at the fine print suggests evidence that Sony has been exploring NFTs and the blockchain for “a system which could be used to track the creation of, use, modification, and transfer of digital assets created within a game, and/or assets created based on gameplay of a video game”. 

SONY said the systems and technologies described in its patent application could be used to track the lifecycle of digital assets across different hardware platforms, including those “of a different albeit inferior manufacturer”, and across titles from various publishers.

To further quote the patent; “The techniques and technologies described herein expand the capabilities of digital assets associated with video games, and of systems that create and manage such digital assets, by converting the digital assets associated with video games from being fungible to being non-fungible… Tracking the history of the digital assets can include, for example, tracking when, how, and by whom the digital asset was created, used, modified, rented to, rented by, sold to, purchased by, licensed to, licensed by, exchanged to, exchanged by, and / or other actions”.

Translating all this legalese into layman's terms? What SONY is potentially hinting at is a genuinely revolutionary migration toward a world where all in-game items are Non-Fungible Tokens. 

Steve Jobs Birkenstock Sandals Sold With NFT

Apple co-founder Steve Jobs needs no introduction, but his sandals might — the “well-used” brown suede leather Birkenstocks date back to the mid-1970s and have grown pretty famous for housing Steve’s feet while he and Steve Wozniak founded Apple out of a garage in California. On auction earlier this week, they set a record for the highest price ever paid for sandals, fetching a cool $218,000 USD from an unnamed buyer.

What's notable here are the sandals being accompanied by an NFT — a 360-degree representation of the Birkenstocks molded by Steve's feet. The NFT also provides value with its ability to now verify ownership and any future authentication of the physical item.

This plays into an ongoing trend we have increasingly seen for real-life collectible goods for brands ranging from RTFKT to Azuki, as Non-Fungible Tokens on a distributed ledger make it almost impossible for anything to be counterfeited assuming a legitimate tie between the NFT and the item. Looking forward, expect to see increasingly blurred boundaries between the physical and digital world; brought together by NFTs.

Even with all the turmoil going on in crypto land, it's definitely an exciting time in NFTs with the world's biggest apparel brand making digital NFT fashion, the world's best-selling gaming console making in-game items non-fungible, as well as some sandals foreshadowing NFTs for real-life items.

These stories show the continued innovation and development of the technology that we believe in, bull or bear. We've been growing the team at Morning NFTea as well — we're happy to announce the onboarding of @subvert as one of our staff writers, who'll be bringing his creative flair and pop culture references to the table. 

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DISCLAIMER: 

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.