Nike acquires RTFKT, a virtual sneaker company

0

As Nike expands its footprint in the metaverse, last week it announced the acquisition of virtual sneaker company RTFKT for an undisclosed amount.

Earlier this week, Nike announced that it had acquired virtual sneakers and collectible brand RTFKT for an undisclosed price.

In its announcement, Nike defined RTFK as “a leading brand that relies on cutting-edge innovation” before explaining that the merger aims to offer “next-gen collectibles that merge culture and play.”

Related | Nike launches virtual world Nikeland on Roblox

RTFKT, founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, is a pioneer in redefining “the limits of physical and digital value to serve their vast community of creators.”

According to Nike, the dedicated team at RTFXT “harnesses the latest game engines, NFTs, blockchain authentication and augmented reality to create one-of-a-kind virtual products and experiences.”

“This acquisition is another step that accelerates Nike’s digital transformation and enables us to serve athletes and creators at the intersection of sport, creativity, games and culture,” said John Donahoe, President and CEO of Nike.

By “another step” Donahoe is referring to the fact that the company, which has now become the largest US-based sportswear manufacturer to join the metaverse, did some preliminary legwork before jumping on the bandwagon.

Last month, Nike filed a patent application for its name, logo and famous slogan for use online and, more specifically, for use in the “online virtual worlds”. Along with filing the patent application, the company also posted two new job openings for virtual material designers, highlighting its intention to expand its brand and business into the metaverse ecosystem.

The acquisition of RTFKT confirms this intention and accelerates Nike’s digital transformation efforts. Nike has previously placed RTFXT’s lightning bolt logo next to its own and those of its subsidiary brands, Jumpman and Converse.

Earlier this month, German sportswear manufacturer Adidas announced its entry into the augmented metaverse by partnering with NFT companies including Bored Ape Yacht Club, Gmoney NFT, and Punks Comic.


you might also like


More Tech

Jaguar Land Rover is integrating Alexa into its new vehicles

Jaguar Land Rover adds Alexa to its latest software update, allowing drivers to control navigation and music, make calls, manage…

Lamborghini launches “Space Time Memory”, its first NFT collection

The Italian luxury car manufacturer presents a series of 5 NFT works of art associated with five “space keys” used in the…

Meta would have developed an NFT market

According to industry sources, Meta is exploring ways to allow users to create and trade NFTs using its Novi wallet.

Meta seeks to establish rules governing synthetic media in influencer marketing

Meta seeks to introduce a core set of rules governing the use of AI-generated avatars and virtual influencers on…

Opera Launches Dedicated Web3 Crypto Browser Project in Public Beta

The Crypto Browser will simplify the Web3 experience, integrating crypto wallets and support for exchanges, NFT markets and dApps.

Mozilla brings full cookie protection to Firefox Focus on Android

Mozilla extends one of its strongest privacy products to Android, creating separate cookie boxes for mobile sites.

Qudi launches the world’s first emotional LED face mask

The Qudi mask is able to represent a spectrum of emotions via an LED display. It can also react to…

Microsoft makes Teams walkie-talkie feature available to everyone

Microsoft started rolling out its Walkie Talkie feature to all Teams users last week. The feature had so far only been…

Roblox controversially shuts down its app in China

Amid increasingly tight restrictions on video games in China, Roblox has pulled its game from app stores.

Share.

Comments are closed.