Nike Accelerates Metaverse Adoption with the Acquisition of RTFKT

Nike Accelerates Metaverse Adoption

Nike Inc. has acquired RTFKT, a non-fungible tokens collectibles startup, in a push to expand its operations in the metaverse space. 

Nike’s President John Donahoe says that the new development speeds up the company’s digital transformation and integrates sports, culture, and creativity.

Donahoe adds that Nike would invest in the RTFKT brand to enhance its innovation and capabilities in the emerging NFT field.

RTFKT’s notable creation is a physical shoe NFT collectible inspired by the CryptoPunks NFT collection. The project partnered with FEWOCiOUS in a $3.1 million sale of metaverse kicks.

The American multinational company has been upbeat about NFT since 2019 with projects such as the patent tokenized shoes.

The metaverse fashion niche is gaining traction. Another project, Cryptokickers, partnered with NBA celebrity Wilson Chandler for a digital shoe deal in April.

Benoit Pagotto, Chris Le, and Steven Vasilev founded RTFKT in 2020.

Source: Nike

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