NFT and Nike. Nike continues its love affair with blockchain and NFTs, this time partnering with AntChain to launch digital twin sneakers!
Nike’s Bold Web3 Expansion: A ‘Phygital’ Future in China
It appears that Nike is really all-in on Web3 right now:
- Nike.Swoosh NFTs
- RTFKT acquisition
- Collaboration with EA SPORTS
And now, they are taking on the Chinese market with three notable objectives:
- Capture the imagination of luxury buyers/collectors.
- Take on counterfeiters in their ‘home’ market.
- Collaborate with one of the biggest Web3 tech providers in China.
‘Phygital’ (the combined proposition of a physical good with a digital twin) is one of the hardest patterns to get right with Web3 tech because the assurance required on the IoT device, as well as the required longevity of the device, can be hard to crack. It also ramps up production costs for the product. However, if we see Nike take on this challenge and continue to build experience in one of the toughest markets in the world, you can best believe it’s coming to other countries near you soon…
Bold Move into Web3: NFT and Nike
Nike’s latest venture into the world of blockchain and NFTs has led to a partnership with AntChain to introduce digital twin sneakers. This move underscores Nike’s deep commitment to Web3 technologies, as evident from their recent acquisitions and collaborations, including RTFKT and EA SPORTS. Notably, they are setting their sights on the Chinese market with a three-fold strategy: appealing to luxury buyers and collectors, combating counterfeit products in their domestic market, and partnering with major Web3 tech providers in China.
The Challenge of ‘Phygital’ Technology
The concept of ‘Phygital,’ which combines physical goods with digital twins, presents a unique challenge in the realm of Web3 technology. Ensuring the reliability of IoT devices and managing increased production costs are hurdles to overcome. Nevertheless, Nike’s willingness to tackle these difficulties in one of the world’s most challenging markets suggests that this trend may soon spread to other regions.
The ‘Phygital Revolution’ or Passing Trend?
The question remains: Is this the onset of a ‘Phygital Revolution,’ or will it ultimately prove to be another passing trend in the fields of technology and innovation? What’s your take on Nike’s move here? Is this the start of a ‘Phygital Revolution’ or just another gimmick that will ultimately fade away?
Working across multiple aspects of Blockchain and Web3 technologies since 2016; He has helped large organizations and start-ups to harness the benefits of using decentralized technologies to create commercially viable businesses and digital transformations. He has experience in leading and scaling large ecosystem and delivery teams to bring Blockchain-enabled platforms into production.