Nike acquires virtual sneakers, collectibles company RTFKT
Nike announced on Monday the acquisition of virtual sneakers and collectibles company RTFKT.
RTFKT leverages the latest in game engines, NFTs, blockchain authentication and augmented reality to create one of a kind virtual products and experiences, bringing Nike one step closer to its goal to expand its influence in the metaverse. The terms of the deal was not disclosed.
Most recently, Nike filed several new trademarks suggesting its intent to make and sell virtual Nike-branded sneakers and apparel. In total, seven different applications were submitted including for “Nike,” the brand’s famous slogan “Just Do It,” its swoosh logo, as well as for the “Air Jordan” and “Jumpman” logos. Prior to that, Nike also announced the launch of its own Roblox experience.
“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,” said John Donahoe, president and CEO of Nike, Inc.
“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.”
Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT redefines the boundaries of physical and digital value. RTFKT collaborates with crypto creators to design items including virtual sneakers, collectibles and accessories.
“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,” said co-founder Pagotto.
“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.”
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