Nike just launched its new NFT and metaverse marketplace called .Swoosh and will soon sell a non-fungible token version of its sneakers. The American footwear and sports apparel manufacturing company will market the NFTs with starting prices below $50.

Nike debuted its new digital community platform, and currently, it is in beta. People who want to join may register at the .Swoosh site starting this month. The company will eventually grow the platform by inviting various equitable communities and releasing its own digital collectibles. Fans can expect the first drop in 2023.

Moreover, Nike’s digital platform was built on its own domain to make sure that it would be a safe place for members. The sneaker maker is aiming to make this site a trusted space for everyone. The .Swoosh will now become the brands’ outlet for virtual products, including apparel, shoes, and other NFT-based items.

As per Decrypt, the platform is being advertised as the focal point of Nike’s digital efforts in Web3. It was designed to put the brand’s NFTs and other virtual apparel on center stage as well as provide a way for customers to become co-creators of digital collectibles and offer a share in the products’ royalties.

Customers can now expect Nike to release an array of virtual assets and items that they can use for their avatars in the Metaverse and within the Web3 games. The introduction of .Swoosh will accelerate the company’s digital efforts.

“Today, Nike launches .SWOOSH. The new digital community and experience is a home for Nike virtual creations and uses blockchain-powered technology — or what many call “web3” — to offer an inclusive, equitable place for athletes, creators, collectors and consumers to design and own the future of sport,” Nike said in the announcement

According to Ron Faris, Nike Virtual Studios’ general manager, by allowing users to unlock real-world benefits on the platform, they are innovating the Web3 marketplace as well. He said that this strategy meets the consumers wherever they play, shop or get offers in the new digital space.

“We are shaping a marketplace of the future with an accessible platform for the web3-curious," he said. "In this new space, the .SWOOSH community and Nike can create, share, and benefit together."