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.
RTFKT now owns 10 ENS domain names. Image: OpenSea.
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.
Want to be a crypto expert? Get the best of Decrypt straight to your inbox.
Get the biggest crypto news stories + weekly roundups and more!
Source: https://decrypt.co/101632/nikes-rtfkt-buys-dotswoosh-ethereum-domain-name-for-35k
