Sportswear giant Nike is going deep with metaverse as an income channel by buying RTFKT – a virtual sneaker and fashion brand that powers advanced innovation to deliver next-generation collectibles incorporating culture and gaming.
John Donahoe, President and CEO of NIKE, Inc said, “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. 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.
Started in 2020, RTFKT is an innovative brand that reset the limits of bodily and digital value to aid a broader community. This leverages the latest in-game engines, NFTs, blockchain authentication and augmented reality to generate one-of-a-kind virtual products and experiences.
In February, RTFKT released numerous virtual sneaker designs in collaboration with the artist Fewocious and rapidly made more than $3 million. In March, it partnered with Atari on a limited edition Atari-themed virtual sneaker.