Sports Apparel Giant Nike Acquires Crypto Collectibles Enterprise in Push Towards the Metaverse

Sportswear titan Nike is stepping towards the metaverse as it announces the purchase of a non-fungible token (NFT) studio that creates virtual apparel.

According to Nike CEO and President John Donahoe, the company’s acquisition of RTFKT Studios allows Nike to broaden its digital footprint and bridge the gap between the worlds of sports, crypto and gaming.

“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.”

RTKFT Studios was founded in 2020 and is known for using blockchain technology and augmented reality to create viral sneaker designs, memes and other fashionable digital collectibles, according to its website.

Before launching last year, the firm was an unnamed collective providing design concepts for fashion brands and video game companies. RTKFT was originally slated to launch in 2040 but is able to thrive today due to the rising popularity of the metaverse.

The collectibles firm took to Twitter to tell its 208,000 subscribers the news.

“We will continue to evolve our brand, innovations, products and community with Nike resources and talents.

Nike is the only brand in the world we always looked up to and got inspired by when starting RTFKT.”

The terms of the deal have yet to be disclosed, according to Nike.

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Featured Image: Shutterstock/Desainacak/Natalia Siiatovskaia


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