Nike acquires leading NFT studio RTFKT, joins the metaverse

American sportswear company Nike, Inc. is ramping up its digital shift with the acquisition of RTFKT, a leading creator of virtual sneakers and collectibles.

Photo from RTFKT website

Nike entering the metaverse

In a statement, the company's top official said this provide a big push to its goal of penetrating the digital space.

This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture. We’re acquiring a very talented team of creators with an authentic and connected brand, said John Donahoe, President and CEO of Nike, Inc.

Donahoe added that the group will allot more budget to support RTFKT's strong momentum and further grow the brand's target market. Likewise, the move will allow Nike to expand its digital footprint. 

Established just last year, RTFKT immediately rose to fame after redefining the boundaries of physical and digital value to cater to more creators.

RTFKT focuses on games engines, NFTs, blockchain authentication, and augmented reality to introduce "one of a kind virtual products and experiences".

This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love. Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse, said Benoit Pagotto, one of RTFKT’s co-founders.

Nike said the details of the transactions will not be disclosed to the public.

Source: Nike