Nike, the American multinational footwear and sports apparel company has announced the acquisition of a startup called RTFKT Studios, a firm that leverages non-fungible token (NFT) assets, blockchain authentication, and augmented reality. Nike says the acquisition will allow the company “to deliver next-generation collectibles that merge culture and gaming.”
Nike enters the metaverse by acquiring RTFKT studios
On December 13, Nike announced that the company had purchased the digital collectibles company RTFKT Studios. The news follows Nike’s first steps towards the Metaverse in the first week of November and the company’s recent integration with virtual game Roblox. The shoe company posted a blog post on “Nikeland,” a Nike-themed virtual world set in the Roblox metaverse. Following Nike’s moves into the metaverse industry and the blockchain world, the company’s competitor, Adidas, has also embarked on the race for NFTs and the metaverse.
RTFKT Studios was formed by three friends at the beginning of the Covid-19 era in January 2020, according to the website. The web portal also notes that RTFKT (pronounced artifact) is focused on non-fungible token (NFT) technology, blockchain authentication, and augmented reality (AR). In February, RTFKT and an NFT artist dubbed “Fewocious,” sold approximately 600 pairs of physical and virtual sneaker NFTs for $3.1 million at the time of settlement. RTFKT is also behind the Clonex NFT avatars project.
Clonex NFT avatars are NFTs that allow people to leverage them in both the physical world and the metaverse realm. Clonex NFTs were designed by the Japanese artist Takashi Murakami and according to reports, the avatar NFTs sold out quickly but with the sales suffering from “attacks and controversy.”
Nike President Says Acquisition “Will Expand Nike’s Digital Footprint and Capabilities”
John Donahoe, President and CEO of Nike spoke about the RTFKT acquisition and the company’s steps towards the metaverse.
“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,” Donahoe said in a statement. “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”
In early November, Nike made sure that a number of well-known brands like the ‘Just Do It’ slogan, its SNKRS logo and Air Jordan’s ‘Jumpman’ were ready to be exploited as ‘downloadable virtual goods’. “.
“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,” Benoit Pagotto, one of RTFKT’s co-founders said during the acquisition announcement. Nike’s RTFKT Studios purchase press release concludes that the terms of the sale “will not be disclosed” to the public.
