It will be promoting the challenge using a creative based on the idea of a crown consisting of an upside-down basketball net and hoop.
Gary Tan, Nike Singapore marketing manager, said: "We are always keen to encourage Singapore's youth to do their best in sport. The introduction of the Nike one-on-one basketball event offers the opportunity for them to shine."
The promotion's striking visual was the brainchild of Naoki Ga, Craig Smith and Richard Johnson of Ogilvy Singapore. Said Robert Doswell, Nike project director at Ogilvy RedCard: "Basketball is one of Nike's focus sports and it wants to take a leadership role in this segment.
"Three-on-three is very popular in the US. A lot of kids play in the parks and on courts. Nike is well known in the US for three-on-three basketball, but because basketball is not so popular here, three-on-three might be more difficult. That's why we are going one-on-one."
Among youths in Singapore, basketball trails far behind soccer in terms of popularity.
This is slowly changing as televised NBA games gain traction in the city.
Nike has also recently launched the LeBron James line of shoes in Singapore and is hoping that the campaign will boost sales. LeBron James of the Cleveland Cavaliers signed an endorsement deal with Nike for US$90 million.
To promote the challenge, posters and banners using the crown creative will be posted around the city.
There will also be basketball recruitment teams that will tour schools, colleges, community centres and basketball courts island-wide.
Said Doswell: "The idea for the one-on-one challenge came from Nike, but we were briefed to make it come alive on what I would say was a very challenging budget."
Nike's One-on-One is open to young adults, both male and female, between the ages of 14 and 19. The qualifying rounds begin in the middle of February and the knockout finals will be held on February 21 and 22.
At the finals, 600 hopefuls will be whittled down to one lucky winner, who will walk away with S$3,000.