Leading footwear company Nike has expanded its presence in the metaverse after purchasing RTFKT (pronounced artifact), a digital art studio that focuses on sneaker-themed NFTs. The firm unveiled this news through a press release on December 13, noting that this acquisition would let it serve creators and athletes by merging sport, creativity, gaming, and culture.
According to the press release, this acquisition will also help accelerate the company’s digital transformation. Nike’s president and CEO, John Donahoe, further noted that RTFKT comprises a team of very talented creators and an authentic, connected brand. He added that Nike seeks to invest in the company to help grow its innovative and creative community.
Commenting on the acquisition, RTFKT’s co-founder, Benoit Pagotto, said,
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. 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.
Both companies refused to disclose more details about the agreement. However, the acquisition comes after RTFKT’s CloneX became one of the most talked-about NFT projects this month. Since its launch three weeks ago, the project has grossed around $76 million in transaction volume.
A race to become the leading footwear brand in the metaverse
This news comes after Nike launched NIKELAND in November through a collaboration with Roblox, an immersive 3-D world. Nike also filed four patent applications for virtual goods with the US Patent and Trademark Office (USPTO) in October. However, the applications were on an moneturn-to-use basis. This condition means they can only come into play once Nike begins using them commercially.
With the company’s acquisition of RTFKT, it is safe to infer that the Just Do It company is taking its metaverse plans to the next level.
However, it is worth noting that Nike is not the only footwear company with metaverse ambitions. Adidas is making equally strategic moves after partnering with Bored Ape Yacht Club (BAYC), a leading NFT project, to enter the metaverse. This partnership also saw Adidas purchase a BAYC #8,774 for 46 ETH (approximately $156,000 at the time of purchase).
Additionally, Adidas joined hands with The Sandbox and Coinbase. The deal with the Sandbox saw Adidas get a piece of virtual land in the metaverse game.
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