Nike announced its acquisition of the virtual sneaker company RTFKT in a bid to fast develop its influence in the “metaverse,’ and get ahead of the curve… or a least keep up with it.
In the metaverse, consumers can purchase virtual land and other digital assets using NFTs.
An NFT is a token that proves ownership of an intangible item, like digital art. They work similarly to cryptocurrencies like Bitcoin because an NFT is a unit of data that exists on a blockchain.
RTFKT was founded by Benoit Pagotto, Chris Le and Steven Vasilev in 2020. The company also makes NFT collectibles and memes.
“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,” RTFKT co-founder Benoit Pagotto said in a statement.
Last month, RTFKT set the metaverse ablaze when it launched its avatar partnership with artist Takashi Murakami —CloneX. TechCrunch reports the collaboration raked in $65 million in transaction volume in just three weeks.
“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,” Nike Chief Executive Officer John Donahoe said in a statement.
Nike did not disclose how much it paid for the company.
