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During 2021, as other major corporations began exploring NFTs and the metaverse, Artifact flourished under Nike’s umbrella. The company launched several successful collections, generating approximately $50 million in total revenue. Additionally, Nike initiated other projects, such as Swoosh—a metaverse that focused on an inclusive digital community—and Nyand, a digital world within Roblox.
The Turn of the Tide
Despite these promising beginnings, the NFT market soon faced significant challenges. A plethora of projects began to fail, and many enthusiasts experienced "rug pulls," where developers abandoned their projects after taking investors' money. The waning interest in NFTs, paired with broader economic conditions, began to take a toll on Nike’s overall financial health.