Nike has purchased RTFKT, a creator of virtual sneakers and collectibles, for an undisclosed amount.- Nike said the deal will extend its digital footprint as more brands push into the world of NFTs and the metaverse.
Sportswear heavyweight Nike is extending its reach into the metaverse by acquiring RTFKT, a startup that designs virtual sneakers and collectibles.
Nike in a statement Monday didn't disclose the purchase amount for the NFT-based studio that was founded last year.
"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," John Donahoe, Nike's president and CEO, said in the statement.
RTFKT, pronounced "artifact," has quickly gained a following in the NFT and sneaker worlds after being formed by three friends in January 2020, as the COVID-19 outbreak was starting to take root worldwide.
Last month, it teamed up with Japanese pop artist Takashi Murakami to create its Clone X collection of 3-D avatars that are aimed for use in virtual reality and augmented reality settings. Clone X this month was displayed by British luxury department store Harvey Nichols at its London and Hong Kong locations.
Murakami's other collaborations include work with Louis Vuitton and the cover artwork for rapper Kanye West's "Graduation" album.
Meanwhile, Nike has been delving into the metaverse with last month's launch of "Nikeland," a free, 3-D space inside the Roblox gaming platform. And in 2019, Nike won a patent to tokenize ownership of shoes on the ethereum network.
Rival sneaker maker Adidas this month teamed up with prominent NFT market players, including the Bored Ape Yacht Club founder. Other consumer brands like Ralph Lauren and Disney are also pushing into the digital world.