Nike’s Web3 arm, called “RTFKT,” has purchased a new Ethereum Name Service (ENS) domain for ETH 19.72 (~Rs 29 lakh). This brings the total number of ENS holdings of RTFKT to ten. ENS is a distributed, open and scalable naming system based on the Ethereum blockchain. It is able to map human-readable names like “xyz.eth” to machine-readable identifiers. For its new purchase, Nike chose the domain dotswoosh.eth.
In addition to dotswoosh.eth, RTFKT also owns the archaeological elements .eth, rtfkt.eth, skinvial.eth, drmos.eth, mintvial.eth, dreamos.eth, spacedrip.eth, dripcoin.eth, and m2tekno.eth such as ENS domains, Said a report by Decrypt.
Although Nike has not given a reason for adding the new ENS, speculation has reportedly been made that the shoe giant could use it to issue ENS subdomains, which are monitored and controlled by the owner of the main domain.
With Nike activated in the NFT space, it could plan to allow NFT owners to register in ENS subdomains under the dotswoosh.eth master domain.
Any individual or company that owns an ENS becomes able to receive assets based on cryptocurrency, token, and blockchain. The ENS domain purchases from Nike could also indicate a potential plan to enable crypto payments for its high-end sneakers.
“Our findings indicate that ENS is gradually showing its popularity over the four years of its development, mainly due to its distributed and open nature in which ENS domain names can be assigned to any type of record, even censored and malicious content. We have identified several security issues. and misconduct including traditional DNS security issues and new ones presented by ENS smart contracts,” a Cornell University report.
Well, it’s only a matter of time before Nike finally gives clarification on its ENS purchases with future announcements.
Meanwhile, Nike isn’t the only footwear giant exploring the ENS segment.
Last February, Puma purchased a decentralized domain and changed its name to “Puma.eth” on Twitter.