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Nike purchases NFT collectibles startup RTFKT

Global footwear giant Nike is planning to dive into the hugely popular segment in the crypto world, metaverse. Recently, Nike has acquired NFT collectibles startup RTFKT for assistance in guiding the world of NFTs and metaverse.

RTFKT are the creators of virtual sneakers and collectibles, merging realities in fashion and gaming. The startup basically develops customized shoes for the metaverses and has a range of offerings with a couple of flagships also. In fact, one of its flagship products takes inspiration from the legendary CryptoPunks NFT collection.

CryptoPunks NFT collection went highly popular in the news when a prolific non-fungible token (NFT) artist FEWOCiOUS sold $3.1 million in metaverse kicks.

However, this acquisition of Nike is not so surprising given the company was exploring blockchain technology since 2019. Initially, the company had plans to patent tokenized shoes.

On this announcement, President of Nike John Donahoe wrote in a blog post about the RTFKT brand:

“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.”

Other than this, he also added:

“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.”

Metaverse fashion is increasingly gaining traction lately. Recently, an NFT streetwear project named Cryptokickers signed a digital shoe deal with NBA star Wilson Chandler earlier this year.

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