Without selling shoes, Nike has become the most profitable brand of NFT

After watching too many outrageous news such as Li Guoqing grabbing the official seal, the manager of Hellobike cutting through 70 Meituan bicycles and refusing to admit it, and Soul’s operating partner posting pornographic content on the competing platform Uki, people will have a bad reaction to the term "commercial war". A little skeptical.

There is no courtroom, no equity calculation, and some are simple and rude collisions. They're unpretentious, but effective.

Just when all the melon eaters were worried about the "new era business war" of commercial companies, Nike stood up. Through the "Mingxiu Plank Road", it secretly forced back the idea of ​​​​future competitors who wanted to do NFT, and firmly held Nike's NFT sales right in its own hands. At the same time, let me tell you that commercial wars can also be decent.

Nike sued the second-hand platform, in fact, for NFT

Nike's trademark lawsuit against aftermarket platform StockX appears to be yet another example of a brand overprotecting its intellectual property. After all, Nike will sue the art group that modifies its own brand sneakers to court, and now it has filed a trademark lawsuit against StockX, which may seem like an overreaction to the outside world.

But this time Nike's reaction is actually very normal, after all, StockX is going to move a piece of their future cake – NFT.

StockX recently announced a plan to turn the shoes you buy on the platform into NFTs. It’s just that this resale platform with a valuation of 3.8 billion US dollars has not actually cooperated with any shoe brand on NFT, and it is doing it entirely by itself.

In the process of converting shoes into NFT works by StockX, the use of Nike shoe design and trademark undoubtedly violated the brand trademark right.

In order to win this lawsuit, Nike even continued to "overweight", and continued to accuse StockX of selling counterfeit shoes on the basis of the original trademark lawsuit. For a certified resale platform like StockX, such allegations are really "hurt".

▲ NFT of StockX

At this time, StockX is basically in a position to lose. One is that Nike, on the other side of the court, has a strong legal team. Over the years, the brand's success in intellectual property rights has given Nike the confidence to win the lawsuit. On the other hand, once Nike's allegations against the platform expand, regardless of whether StockX sells counterfeit shoes, it is reminding users that the shoes you buy on this platform are likely to be fake.

A professor at the Concord School of Law in New Hampshire explained StockX's embarrassing situation in an article. Even if they can win the lawsuit for Nike's trademark rights, as long as Nike proves that the platform sells counterfeit shoes, then the NFT products they launch will come from a certain To some extent, it is also a counterfeit product. After all, they are not created by shoe brands, but a large-scale "copycat" behavior of a large resale platform.

Of course, for Nike, the question of whether StockX sells counterfeit shoes may not be that important. After all, the secondary market is also an important part of the sneaker market. But if StockX sells NFT, it will really affect the direction of Nike's future development.

In December 2021, Nike acquired RTFKT, a technology brand covering games, NFT and blockchain. The two most out-of-the-box things on this platform are that it was bought by Nike, and the other is that the shoes inspired by the Tesla Cyber ​​Truck were "worn" by Musk. Musk's wearing also made this pair The shoes sold for nearly $90,000.

At that time, Nike CEO said that the acquisition was to accelerate Nike's digital transformation and expand Nike's digital footprint.

It's just that Nike has a lot of layouts on NFT, and everything has long been traced.

Before the acquisition, Nike had already submitted an application in the US Patent and Trademark Office to guarantee its intellectual property rights; together with the brand and the video game Roblox, they worked together to create Nikeland; in April this year, 20,000 pairs of Cryptokicks virtual sneakers were sold; 6 RTFKT bought the "dotswoosh.eth" Ethereum domain name last month.

Everything can be seen, virtual clothing – or NFT is a visible future growth point for Nike.

Therefore, Nike also officially announced that it will launch the blockchain virtual platform ".SWOOSH".

Zuckerberg lost tens of billions, but Nike made money

Swoosh is Nike's trademark, which is the ticking pattern.

As one of the most recognizable trademarks in the world, Nike bought it for only $35. Now, you can buy virtual Nike merchandise on .SWOOSH for $35 or more.

This is a new service platform that has not yet been fully released. You can regard it as a gray test version. After the opening of registration on November 18, only the user experience in Europe and the United States will be opened first; more rules and content of the community will not be released until December, and the first series will not be launched until next year.

This long testing process is also a process for Nike to build its own digital world bit by bit. Even before .SWOOSH really started selling things, Nike will share it in 6 cities to tell users what the platform is and how it can be used.

Nike said it hopes to help its users "learn, collect and co-create virtual products" through the new platform .SWOOSH, and have the opportunity to wear these virtual products in specific games or experience activities, and even NFTs purchased in games on other platforms have the opportunity Appears in .SWOOSH.

Of course, making money is also very important, and Nike has not shy away from this.

Although the Meta founded by Zuckerberg currently has a net loss of tens of billions due to investment in Metaverse and NFT, Nike has made money from NFT.

According to Dune Analytics, Nike earned at least $185 million from Web3 products last year, with $93 million from sales and $92 million from royalties. Comparing Adidas' $11 million and Puma's $1.3 million, Nike has won, and it is also the most profitable brand in NFT sales.

▲ Picture from: Dune Analytics

But that's not Nike's goal.

As the largest sports brand in the world, Nike is not only investing in Metaverse and NFT, but also wants to be a sharer and leader of these new technologies, and introduce more people to what these advanced terms are and what they are useful for.

We won't sell you anything right away. We will take the time to challenge how to explore the principles of Web3 without taking away from the masses.

▲ The .SWOOSH page quotes what Phil Knight said

As Nike's new platform, .SWOOSH has nothing to do with the original RTFKT, at most it will allow RTFKT users to find the registration page of .SWOOSH faster.

The reason for not taking advantage of a well-developed platform is largely because Nike's target audience is not the existing users of RTFKT, but those who do not have a cryptocurrency wallet and lack understanding of these new technologies.

Ron Faris, head of Nike Virtual Studio, said: "Our target audience is not only Web3 native users, but also those who are more curious about Web3. They are afraid to buy NFT products because it is too difficult to understand and too difficult to buy. We want to find a Web3 shopping method suitable for more people.”

Apple gave it a thumbs up after listening.

In the latest App Store review guidelines, Apple also stipulates that mechanisms such as cryptocurrencies and cryptocurrency wallets must not be used to unlock content or functions. Although many people complain that this is the insistence of the "Apple tax", buying with legal currency that everyone can accept can indeed lower the threshold for purchasing NFT content.

.SWOOSH intends to do the same. All products sold on the platform will be settled in dollars that are more understandable to users, rather than cryptocurrencies that you can't figure out.

Connecting offline, Nike's NFT is different

In addition to taking the lead in making a breakthrough in the payment method and targeting a wider range of users, Nike's new platform .SWOOSH has many differences.

Everything about Web3 is intangible, but Nike wants you to. All of this is like the story that domestic social platforms always tell advertisers—although I provide online and online services, I can also create connections for you offline.

In other words, what users buy online can also be used offline, and this item has real value for both brands and consumers.

We position our product as what it does for you, not as a speculative asset.

.SWOOSH can be a platform for creation.

.SWOOSH is very attractive to creators when users are already used to buying virtual goods here. The creators here no longer specifically refer to star athletes or artists in the sports circle, but can also be ordinary people who love to create. They can use this platform to create and express their views.

Nike drew a huge "pie" for users. They said that next year .SWOOSH may launch a challenge. Users of the platform can participate in the design of Nike NFT with professional Nike designers, and users who perform well can also get NFT of sales.

It can also be actual products and services.

The NFT shoes you buy online can be a voting coupon for future shoe color matching, or a qualification coupon for priority purchase of limited sneakers. Nike believes that NFT clothing can not only appear in video games and metaverses, but it can also be useful offline.

In Nike's imagination, the end of NFT purchases may be the beginning of another service consumption.

It’s just that on the .SWOOSH platform, Nike still has the final right to interpret all sales behaviors and trademark use on the platform, which is not consistent with the spirit of Web3 decentralization. Nike is still at the center of all this online activity, and everything is still brand-oriented.

It seems that Nike is doing NFT, but everything it does does not belong to Web3.

Not too funny, not too upbeat.

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