The Amazing Ways Nike Uses Metaverse, Web3, and NFTs – Forbes UK

Nike has always been at the forefront of digital transformation. Artificial intelligence, e-commerce and in-store experiential technology have been an integral part of the brand strategy for many years. More recently, it has endeavored to take advantage of the enthusiasm generated by new concepts such as the metaverse, NFTs and web3. Here’s a look at some of the ways Nike is leveraging these technologies to stay relevant and on the cutting edge of culture.

Nike and the metaverse

Nikeland is the metaverse space specially designed by Nike, which uses the Roblox platform to allow its fans to meet, exchange, participate in promotions and live a whole series of experiences related to the brand.

The term “metaverse” is used to describe the new category of platform-based virtual worlds that users explore and interact with as avatars of themselves. Of course, there have always been virtual spaces where users can play games, chat and socialize, or work. What makes a metaverse environment different is that we can do all of this and more in a persistent environment and set of rules.

According to Nike, 7 million visitors have spent time at Nikeland since its launch in November 2021. They were able to watch appearances by sports stars, including LeBron James, and purchase exclusive digital merchandise to decorate their avatars. Items aren’t limited to Nikeworld and can be worn as their avatars travel to other Roblox environments – essentially turning visitors into digital brand ambassadors. They can also test their reactions and strategy skills through a number of games, with the chance to win even more products and rewards.

Each visitor to Nikeland also becomes the guardian of their own “yard”, a personal space within Nikeworld that they can use to display their collectibles and decorate to suit their personality.

Nike is the first brand to demonstrate that a “lifestyle selling” philosophy can work as effectively in the digital world as it does in the real world. Thus, Nike has successfully transposed its ability to cultivate an aspirational mindset into the virtual realm, both in terms of desirable and fashionable products that users can own and through competition, challenges and the ability to display high scores and achievements. So this is a great demonstration of a brand that has aligned digital transformation with its existing identity and ideals.

Web3 and NFTs

Nike was also very quick to capitalize on the NFT trend. These are tokens that live on a blockchain and can be used to create digital assets that are essentially exceptional and one-of-a-kind. While most digital objects (a JPG image or a piece of MP3 music, for example) can be reproduced endlessly, an NFT is a single piece of digital data that can be attached to any other digital object , theoretically conferring this unique character on the object.

Nike demonstrated its interest in NFTs last December by acquiring RTFKT Studios, a maker of “next-gen” NFT collectibles. It’s not hard to see the studio’s appeal to the sportswear maker when you hear that it’s managed to sale 600 pairs of NFT sneakers in just six minutes, for a total of $3.1 million.

Nike’s first collection of NFT sneakers created in collaboration with RTFKT Studios is called CryotoKicks Dunk Genesis, and once they own them, users can customize them.

This is an indication that Nike clearly understands the value of personalization for today’s consumers, especially for young millennials and Gen Z, many of whom prefer one-of-a-kind or personalized items to identical products made in China. series.

Experiential stores

Nike’s latest adventures in digital transformation are not limited to the virtual and digital worlds. Its brick-and-mortar stores are also becoming showcases of how the brand harnesses new technologies.

At its New York flagship store, the idea is to encourage users to engage and experience the brand through sport and technology, which is just as important as encouraging them to buy products. They can make hoops on the store’s baseball field, equipped with cameras and video screens to capture and play back the highlights in real time. They can also sweat on a treadmill that simulates running outdoors. They can also customize their shoes to make them look the way they want before buying them and get advice from trainers and coaches who are always available.

The key word here is experience. In a world where consumers say a positive experience with a brand is more important than factors like price when it comes to making a buying decision, Nike hopes technology will help create shopping and memorable experiences that will create strong bonds between customers and the brand. That means they’ll be more likely to search for the famous swoosh logo the next time they’re looking for sporting goods – whether real or virtual.

Article translated from Forbes US – Author: Bernard Marr

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The Amazing Ways Nike Uses Metaverse, Web3, and NFTs – Forbes UK

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