The news: While the metaverse remains a nebulous notion for most consumers, Nike and Apple are moving ahead with plans to stake their ground in virtual environments.
Curious timing: The timing of the companies’ initiatives is notable given that Facebook-parent Meta last week laid off 13% of its staff as it pulls back on its metaverse expenditures, and virtual goods fan-favorite Roblox is facing year-over-year revenue declines. Meanwhile, the broader market is increasingly focused on near-term profits rather than long-term moonshots.
The strategies: .Swoosh is the latest in Nike’s metaverse-related initiatives. Over the past year, it began filing trademarks for virtual goods, opened a virtual world on Roblox, and acquired virtual sneaker creator RTFKT.
The big takeaway: Despite the current economic uncertainty, Nike and Apple clearly believe there’s a significant opportunity to build their own mixed-reality communities.
This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.