Nike, the market leader in fashion NFTs, to unveil DOT Swoosh, risk appetite in the market increased, AMZN to layoff 1% of its workforce

Summary:

• Dot Swoosh is a new Web3 platform and ecosystem that Nike is announcing today.
• Tuesday saw gains in Treasury yields across the board.
• Amazon (AMZN) is ready to fire around 10,000 employees as soon as this week.

Nike announcing DOT Swoosh

Nike bought the digital design company Rtfkt last year, and as a result, has emerged as a market leader in fashion NFTs. The sporting juggernaut is currently working on a stand-alone Web3 campaign intended to appeal to traditional brand followers rather than the early adopters who are well-versed in cryptocurrencies.

Dot Swoosh is a new Web3 platform and ecosystem that Nike is announcing today. It is located at the domain Swoosh.nike. The initiative is a part of Nike Virtual Studios, which is run by former Snkrs app head and VP Ron Faris. According to Faris, Nike will house its virtual creations on Dot Swoosh, which debuts this Friday. Access is granted by an access code and registration is open as of right now.) In January, a debut digital collection will be released.According to Faris, who is in charge of Nike's blockchain, Web3, and metaverse strategies, the platform will allow users to buy, display, and exchange physical and digital goods as well as products they have created together.

Nike has generated at least $185.3 million in income from Web3 products so far, which puts it ahead of rivals Adidas ($11 million) and Puma ($1.3 million), thanks to NFT sales from Rtfkt and with them the Web3-native company's pre-acquisition NFT collections. About half of Nike's total revenue came from Rtfkt's CloneX NFT avatar line, highlighting the significance of the acquisition for Nike's Web3 strategy thus far.

A new platform from Nike Virtual Studios aims to onboard the #Web3 curious among Nike consumers, with a roadmap that borrows from @RTFKT’s playbook. https://t.co/RINZYZm0gI

— Vogue Business (@voguebusiness) November 14, 2022

EU Stocks supported by increase in risk appetite

Tuesday saw gains in Treasury yields across the board as investors re-entered booming equity markets following some profit-taking in the previous day. European equities and US futures also increased. After Xi Jinping and Joe Biden expressed a desire to strengthen US-China relations during their meeting on Monday before the G20 summit in Indonesia, and Beijing took action to relax some economic limitations, Asian markets saw significant gains.

The market changes follow the US consumer prices index coming in below economists' expectations last week, which boosted US equities markets (the S&P 500 gained 5.5% on Thursday) and depressed the dollar. The Federal Reserve is under less pressure to raise interest rates by 0.75 percentage points for the fifth time in a row when it meets in December as a result of October's inflation figures. However, other analysts think that investors have become overly enthusiastic.

In the lack of new economic information, Mike Zigmont, head of trading and research at Harvest Volatility Management, claimed that the argument over whether the most recent increase in stock prices marks the beginning of a true bull run or merely a bear market rebound is essentially pointless.

European stocks rise as appetite for risk sparks rallies across markets https://t.co/3UVwb9E1va

— Financial Times (@FT) November 15, 2022

AMAZON to layoff 1% of its global workforce

According to unnamed persons familiar with the situation, The New York Times claimed on Monday that Amazon (AMZN) is ready to fire around 10,000 employees as soon as this week. The layoffs occur as the tech sector struggles to remain competitive in the face of a sluggish economy, rising interest rates, and persistent inflation. This month, thousands of employees were also let off by Twitter and Facebook's parent company Meta.

The Times reports that the layoffs will have an effect on Amazon's Alexa business as well as the company's retail and human resources businesses. The Alexa group at Amazon, which creates the Echo hardware and related software, suffers annual losses of up to $5 billion, according to The Wall Street Journal, which cited internal papers it had examined. Amazon has joined the growing list of IT firms that have either frozen hiring or implemented layoffs.

The 10,000 positions represent about 1% of Amazon's 1.5 million global employees. According to The Times, the precise number of anticipated layoffs may alter before they are officially revealed. On Nov. 3, Amazon declared a hiring moratorium.

Amazon to lay off 10,000 workers as soon as this week: New York Times https://t.co/apeIJsSSV1 by @DanielHowley $AMZN

— Yahoo Finance (@YahooFinance) November 15, 2022

Sources: finance.yahoo.com, voguebusiness.com, ft.com, twitter.com