Nike Inc. is Launching a Website with a Virtual Shoe Trading Platform
The management of Nike Inc. is investing heavily in the metaverse by launching an online store and trading platform for virtual sneakers. The biggest sportswear firm in the world will introduce its products on. Swoosh platform, where users can gather and display their possessions. Nike has invested in the "metaverse" over the past year and has a dedicated design team for its digital products. It launched its virtual environment on Roblox, started registering trademarks for virtual items, and bought RTFKT, a maker of virtual sneakers, last year. It is succeeding in its endeavors. From NFT products, Nike has thus far made close to $200 million.
Increasing Internet Penetration to Drive the Market
Due to the increased use of smartphones, increased internet usage, and conveniences like easy access and payment options, consumers prefer purchasing things from online trading platforms that deliver goods. The remarkable online market expansion can be credited to the platform's distinctive user experience, which will be the main development factor for the market for sneakers trading platforms over the projection period. Additionally, as the industry continues to define the experience of virtual bartering by expanding the marketplace, players will invest more in data science capabilities to improve the customer's online experience.
Spread of COVID-19 to Limit Market Growth
The middle-class strata were impacted by the economic crisis, Covid-19, and the lockdowns that followed it, which led to job losses. Consequently, it is practically impossible to invest in brand-new sneakers. The COVID-19 epidemic has had a negative impact on the global market for shoe trading platforms. The COVID-19 outbreak led to a strict lockdown being implemented by the government, which also stopped production. Due to decreased demand globally due to the shutdown, sales fell to their lowest points throughout the pandemic. COVID-19 has had a substantial negative impact on business.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the sneaker trading platform market plan acquisitions to improve their brand recognition globally. For instance, in August 2022, investing partners Courtside VC, Trinity Ventures, and Concrete Rose Capital contributed more than $8.9 million to Tradeblock, a pioneering sneaker trading platform centered on a barter economy and the strength of community.
List of Key Players Profiled in the Report
- Yoho And Buy
- Flight Club
Further Report Findings
- The market in North America is expected to gain a huge portion of the global Sneaker trading platform market share in the coming years. This is brought on by consumers' evolving lifestyles, growing fashion consciousness, and high disposable income, urging them to place comfort before price.
- The United States is the key nation in the region with an increasing demand for sneakers, pushing the market for sneakers trading platforms in this area.
- In the Asia Pacific, the growth in this region is primarily driven by growing participation in leisure sports and rising participation in national and international sports across Asian nations.
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