Nike to create shoes for the metaverse with RTFKT

Wed 15 Dec 2021 ▪ 10h30 ▪ 3 min read — by Katie Donaldson

Apparel giant Nike has jumped on the metaverse bandwagon – the company has just purchased RTFKT, one of the most popular non-fungible token (NFT) startups at the moment.

Transforming the future of the sneakers industry

The company was acquired by Nike under undisclosed terms. According to Nike’s President, “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,” John Donahoe said.

The startup is famous for its hybrid NFT/physical shoe collectibles, particularly the one inspired by the CryptoPunks NFT collection. The NFT was sold for $3.1 million in the metaverse back in March.

RTFKT (pronounced ‘artefact’) announced the Clone X NFT collaboration with Japanese artist Takashi Murakami just yesterday; the start up now offers up a metaverse-ready digital avatars styled with various collectible traits.

“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,” Donahoe added.

RTFKT took it to Twitter to announce the deal.

“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. “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 has previously tested the metaverse waters in November when the company announced a collaboration with Roblox. The corporation published a blog post about “Nikeland,” a Nike-themed virtual world located in the Roblox metaverse. 

Adidas, Nike’s lifelong rival, is also preparing to enter the metaverse.

Nike has acquired a virtual shoe company, RTFKT; together they will create sneakers for the metaverse. Nike is calling RTFKT “a leading brand that leverages cutting edge innovation to deliver next generation collectibles that merge culture and gaming.”

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Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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