Nike swooshes into Metaverse, acquires NFT fashion start-up RTFKT

Metaverse fashion is growing at a rapid pace. Riding the new wave, Nike Inc. has announced the acquisition of NFT fashion and collectibles start-up RTFKT. This move marks the multinational sportwear giant’s step into the world of  metaverse, NFTs and digital fashion.

Nike’s Metaverse Entry

According to an official press release on 13th December, Nike has announced the purchase of non fungible token (NFT) collectible and fashion start-up, RTFKT studios. This deal could prove to be a major step towards the mainstream adoption of digital fashion.

While affirming the deal, RTFKT co-founder Benoit Pagotto tweeted,

“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,”

RTFKT is now a part of the NIKE, Inc. family. 🌐👁‍🗨 pic.twitter.com/5egNk9d8wA

— RTFKT Studios (@RTFKTstudios) December 13, 2021

The terms of the deal have not yet been made clear yet.

John Donahoe, President and CEO of NIKE, Inc. revealed that the acquisition is a major step that will mold Nike’s digital transformation and enable the company to cater to athletes, sportspersons and celebrities in a better way. Talking about the company’s expansion plans across the sector and raking in the new team, Donahoe further went on to add,

“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.”  

RTFKT’s Previous NFT Deals

Fashion start-up, RTFKT, was founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev. The company is known for creating virtual sneaker designs and exclusive collectibles which are sold as NFTs. Among all its products, the digital fashion brand created major headlines when it designed a shoe collectible inspired by CryptoPunk’s NFT collection. Earlier this year, in collaboration with FEWOCiOUS, the NFT artist, the fashion house managed to sell around 600 pairs of digital sneakers along with real ones netting over $3.1 million.

This deal comes in at a time when the American multinational corporation, Nike is trying to dive deeper into the world of blockchain technology. It had started its initiative into the digital realm back in 2019 when Nike, Inc. patented tokenized shoes.  Last month, The leading sportswear behemoth had rolled out a Roblox-tied 3D experience called Nikeland. The company said it is to help fans to connect, create and share experiences. The goal of this concept is to turn sports and play into a lifestyle. .