Major athleisure brand Nike is fast-tracking investments in the metaverse industry after acquiring ‘RTFKT’, which produces digital sneakers in the virtual space. With this acquisition and announcement of NIKELAND, Nike has become one of the biggest brands to enter the metaverse space.
RTFKT is now a part of the NIKE, Inc. family. 🌐👁🗨 pic.twitter.com/5egNk9d8wA
— RTFKT Studios (@RTFKTstudios) December 13, 2021
Announcing the acquisition, Nike called RTFKT a “pioneering and innovative brand that redefines the boundaries of physical and digital value to serve their broad community of creators.” The sportswear brand plans to support the RTFKT community and promote its development as part of the investment.
John Donahoe, President and CEO of NIKE, Inc said in a 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 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.”
Nike announced the establishment of its metaverse land NIKELAND last month. In addition, it also applied to trademark several phases, including namesake, swoosh logo, and just do it, at the US Patent and Trademark Office for a wide range of digital goods. The company has now acquired RTFKT for an undisclosed amount.
Founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT is a creator-led company that utilizes the latest technologies such as NFT, blockchain authentication, game engine, and augmented reality (AR), to make digital products.