3 Jan 2022
Nike is now Selling Shoes on Metaverse After Acquiring RTFKT
The Index Today
The latest effort by Nike to extend its push into blockchain, metaverse, and the cryptocurrency space was in mid-December, when the popular company announced its acquisition of RTFKT, a leading brand that uses digital innovation to deliver online collectibles that merge culture and gaming. Nike also announced its first major push into the metaverse with the creation of “Nikeland” on Roblox – an online gaming and game-making platform that allows anyone to create new games and anyone to play them.
John Donahoe, President and CEO of Nike said in its statement, “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, connected brand, and extends Nike’s digital footprint and capabilities.” Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT uses the latest in game engines, NFTs, blockchain authentication, and augmented reality to create unique virtual products and experiences. RTFKT also creates physical products of digital NFTs during limited “forging events” for its community members.
Dailycoin reported that the Nike seems to be following a “fast-follow” strategy as other fashion brands are in a footrace to stake their digital claims in advance of mass adoption of the metaverse. Examples include Dolce & Gabbana, Jimmy Choo, and Adidas AG which have already launched NFTs. In fact, the launch of Adidas’ “Into the Metaverse” NFT collection this month was an instant hit that generated sales of $23 million. When it comes to duplicating those kinds of NFT profits, Nike wants to “Just Do It.”