RTFKT, Nike’s Web3 arm, now owns 10 Ethereum Name Service (ENS) domains following the purchase of dotswoosh.eth for 19.72 ETH, roughly $35,000. RTFKT is pronounced “artifact.”
Nike’s exact reason for the dotswoosh purchase on Friday
remains unclear. But as some have pointed out on Twitter, Nike may have plans
to use the domain for issuing ENS subdomains in the future. ENS subdomains are
controlled by the main domain name holder.
For example, Nike could allow holders of specific NFTs or
other assets the ability to register an ENS subdomain under dotswoosh.eth
(kate.dotswoosh.eth would be one such example).
Graphic designer Carolyn Davidson created Nike’s iconic
swoosh logo back in 1971 and was reportedly only paid $35 for her work. So
Nike’s 19.72 ETH purchase price may be a nod to the year 1972, which was when
Davidson’s swoosh logo first appeared on shoes.
In addition to dotswoosh.eth, RTFKT also owns artifacts.eth,
rtfkt.eth, skinvial.eth, drmos.eth, mintvial.eth, dreamos.eth, spacedrip.eth,
dripcoin.eth, and m2tekno.eth.
Nike’s ENS plays do appear to be a part of a larger strategy
based on its current holdings. The Mint Vial is likely a reference to the
CloneX Mint Vial Ethereum NFTs, which can be burned to create a unique CloneX
avatar NFT.
Space Drip is a reference to Nike’s Space Drip NFTs, which
are digital shoe NFTs that allow the holder to “forge” a physical version of
the sneakers. RTFKT's Skin Vials are also NFTs that can be burned to change the
look of Nike’s RTFKT CryptoKicks, which launched last month.
Whatever its plans are for dotswoosh.eth, Nike has a track
record of buying and trademarking a wide range of affiliated names and logos.
Last year, it filed trademarks for Nike, Nikeland, and “Just Do It” for a broad
range of metaverse applications, as well as its Nike swoosh and “Jumpman”
logos.
Nike has also made efforts to squash any unofficially
licensed Web3 assets, suing StockX for selling unauthorized Nike sneaker images
as NFTs.