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<ul class="summary-list"><li><keyword id="11897664" type="UNKNOWN" weightage="60" keywordseo="nike" source="Orion">Nike</keyword> has purchased RTFKT, a creator of virtual sneakers and collectibles, for an undisclosed amount. </li><li>Nike said the deal will extend its digital footprint as more brands push into the world of NFTs and the metaverse. </li></ul>Sportswear heavyweight <a href="https://markets.businessinsider.com/stocks/nke-stock">Nike</a> is extending its reach into the metaverse by acquiring RTFKT, a startup that designs virtual sneakers and collectibles. Nike <a href="https://news.nike.com/news/nike-acquires-rtfkt">in a statement Monday</a> 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 <a href="https://news.nike.com/news/five-things-to-know-roblox">launch of "Nikeland,"</a> a free, 3-D space inside the <a href="https://markets.businessinsider.com/stocks/rblx-stock">Roblox</a> gaming platform. And in 2019, Nike <a href="https://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&amp;Sect2=HITOFF&amp;p=1&amp;u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&amp;r=1&amp;f=G&amp;l=50&amp;co1=AND&amp;d=PTXT&amp;s1=Nike&amp;s2=Crypto&amp;OS=Nike+AND+Crypto&amp;RS=Nike+AND+Crypto">won a patent</a> to tokenize ownership of shoes on the ethereum network. Rival sneaker maker <a href="https://markets.businessinsider.com/news/currencies/metaverse-adidas-bored-ape-yacht-club-nft-punks-comic-gmoney-2021-12">Adidas this month teamed up</a> with prominent NFT market players, including the <a href="https://www.instagram.com/boredapeyachtclub/?utm_source=ig_embed&amp;ig_rid=ab16287c-110c-4452-bd09-2ca2f0972883" target="_blank" rel="noopener">Bored Ape Yacht Club</a> founder. Other consumer brands like <a href="https://markets.businessinsider.com/stocks/rl-stock">Ralph Lauren</a> and <a href="https://markets.businessinsider.com/stocks/dis-stock">Disney</a> are also <a href="https://markets.businessinsider.com/news/currencies/5-household-names-companies-plans-metaverse-digital-crypto-2021-12">pushing into the digital world.</a>

Nike buys virtual shoe studio RTFKT as more big brands position themselves for metaverse push

<ul class="summary-list"><li>Nike on Monday launched a store for virtual goods called Swoosh.</li><li>The announcement comes as doubts about the future of the metaverse linger.</li></ul>Nike isn't slowing its metaverse push.The company on Monday launched <a href="https://www.swoosh.nike/">Swoosh</a>, which will become the online store for Nike virtual goods. The new marketplace is the latest sign of Nike's commitment to connecting with consumers in virtual environments, even as doubts linger about the future of the metaverse and companies such as Meta fail to generate a return on billions of dollars in investment.In a news release, Nike <a href="https://about.nike.com/en/newsroom/releases/nike-launches-swoosh-a-new-digital-community-and-experience">described</a> Swoosh as a "web3-enabled platform" that will let users co-create virtual products with Nike designers, likely virtual shoes and jerseys.The first virtual collection will drop next year. It will be "shaped" by the dotSwoosh community, the company said. But it's unclear how much control users will have over the creation of products. Users will be able to create virtual products on the platform, and some products may be sold by Nike with creators earning royalties. Users will be able to wear the virtual goods in video games and other online environments, such as <a href="https://www.businessinsider.com/nike-metaverse-lebron-james-wall-street-rtfkt-2022-2">Roblox</a>.The company has <a href="https://www.businessinsider.com/analysis-of-nike-patents-reveals-companys-metaverse-plans-2021-11">carefully laid the intellectual property groundwork</a> for its entry into the metaverse through a series of patents that cover everything from avatars to "cryptokicks." Last year it appointed a senior executive to <a href="https://www.businessinsider.com/meet-nikes-new-metaverse-studio-lead-eric-redmond-2021-11">lead a metaverse studio</a> and <a href="https://www.businessinsider.com/virtual-digital-fashion-metaverse-rtfkt-crypto-investing-strategy-dorian-banks-2021-12">acquired RTFKT</a>, a buzzy virtual goods company. This year, the company put Ron Faris, who previously managed Nike's wildly popular SNKRS app, <a href="https://us.fashionnetwork.com/news/Nike-s-snkrs-head-ron-faris-to-lead-new-virtual-studios,1372017.html">in charge of a virtual studio</a> overseeing the creation of virtual products. In an <a href="https://www.fastcompany.com/90809804/nike-dotswoosh-will-sell-nft-shoes-starting-under-50">interview with Fast Company</a>, Faris described virtual sneakers as a way to bridge the digital and physical, a popular talking point with Nike executives. "When you look at this virtual product, I don't see just a shoe or vital product, I see a product and a service, or a set of utilities that come with it," he said. Analysts have been generally positive about Nike's metaverse ambitions and its acquisition of RTFKT, but sentiment around the metaverse has shifted over the past few months. This month, Meta said it <a href="https://www.businessinsider.com/meta-layoffs-employees-facebook-mark-zuckerberg-metaverse-bet-2022-11">will lay off 11,000 people</a> in the wake of hefty spending on developing tools for the metaverse. Spending for its metaverse projects <a href="https://affiliate.insider.com?postID=63729cdb1aaf4e58587d5af9&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fzuckerberg-is-spending-billions-on-the-metaverse-heres-where-its-all-going">could hit $100 billion</a> over five years, the Information estimates.The research firm Gartner estimates 25% of people will spend an hour a day in the metaverse by 2026, but it <a href="https://www.gartner.com/en/articles/what-is-a-metaverse">advises companies not to "overcommit"</a> while the technology is developing.Nike's approach to the metaverse remains aggressive, unwavering, and deliberate. For now, the Swoosh platform remains in beta, or test, mode. Nike plans a fuller launch next year.

Nike forges ahead into the metaverse, even as critics slam the virtual world as overhyped and eerily empty

<ul class="summary-list"><li><keyword id="11897664" type="UNKNOWN" weightage="60" keywordseo="nike" source="Orion">Nike</keyword> stock is <keyword id="11899353" type="UNKNOWN" weightage="60" keywordseo="guggenheim" source="Orion">Guggenheim</keyword>'s "best idea" for 2022 amid its push into the <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword>.</li><li>Guggenheim's Robert Drbul said he's closely watching Nike's digital strategy.</li><li>The analyst also raised his EPS estimates for the company and said it's the leader in athletic apparel.</li></ul><a href="https://markets.businessinsider.com/stocks/nke-stock">Nike stock</a> is headed for new highs this year, thanks in part to its push into the metaverse, according to a Wall Street analyst.Guggenheim's Robert Drbul dubbed the athletic-apparel retailer his "best idea" for 2022 in a December 31 note, saying Nike "is rapidly embarking on the next era of its company history," which he expects to be "digitally led.""The brand commands dominant market share, which we expect will grow materially from here as digital scales further, new product innovation remains robust, and heavy investment behind key growth drivers continues," he wrote.Drbul maintained a buy rating and a price target of $195 on Nike stock, which was down 1.8% Monday after gaining 18% in 2021.He said the company is "the leader in the athletic apparel industry," and raised his earnings per share estimates for 2023 to $4.85 from $4.50 and for 2024 to $5.70 from $5.27. Drbul said he's closely watching Nike's evolving digital strategy and its engagement in the metaverse, a digital world where people interact. "What would any outlook for 2022 be without mention of the Metaverse?" he said. Insider reported previously that Nike has been <a href="https://www.businessinsider.com/analysis-of-nike-patents-reveals-companys-metaverse-plans-2021-11?r=nike-RTFKT-story">pushing into the future internet</a>, called both Web 3.0 and the metaverse. Its push has included video games, the creation of a metaverse studio, and even a promised line of digital sneakers called CryptoKicks.In December, the Beaverton, Oregon-based company announced its acquisition of influential <a href="https://www.businessinsider.com/nike-acquires-rtfkt-as-it-accelerates-metaverse-play-2021-12">digital sneaker-maker RTFKT</a>, which had previously received a $33 million valuation in a funding round led by Andreessen Horowitz.The metaverse shot into the mainstream in 2021 when the company formerly known as Facebook rebranded to <a href="https://markets.businessinsider.com/stocks/fb-stock">Meta</a>. The concept has struggled to land on a single definition, and prominent people, such as <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> Elon Musk, have <a href="https://markets.businessinsider.com/news/currencies/jack-dorsey-metaverse-spat-unfollowed-web3-tyler-winklevoss-marc-andreessen-2021-12">snubbed the idea</a> altogether.Even so, many see non-fungible tokens, aka <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>, as the <a href="https://markets.businessinsider.com/news/currencies/facebook-metaverse-nfts-crypto-meta-cryptocurrencies-2021-11">key to unlocking</a> this digital world where avatars of individuals can shop, play video games, build worlds, buy land, and more.

Nike is headed into the 'next era' of digital commerce as its metaverse strategy evolves, says Guggenheim

<ul class="summary-list"><li><keyword id="11897664" type="UNKNOWN" weightage="60" keywordseo="nike" source="Orion">Nike</keyword> on Monday said it acquired RTFKT, an "influential" company that makes digital <keyword id="11896470" type="UNKNOWN" weightage="60" keywordseo="sneakers" source="Orion">sneakers</keyword>.</li><li>Business Insider previously reported on Nike's extensive efforts to capitalize on the <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword>.</li></ul>Nike on Monday announced the acquisition of RTFKT, a company that makes digital sneakers, the latest sign that the sportswear giant sees enormous financial potential in the new immersive reality unknown as the metaverse.Terms of the deal weren't disclosed. Business Insider recently reported on Nike's <a href="https://www.businessinsider.com/analysis-of-nike-patents-reveals-companys-metaverse-plans-2021-11?r=nike-RTFKT-story">extensive metaverse efforts</a>, which also <a href="https://www.businessinsider.com/nike-video-games-cryptokicks-metaverse-virtual-digital-2021-11?r=nike-RTFKT-story">include video games</a> and the <a href="https://www.businessinsider.com/meet-nikes-new-metaverse-studio-lead-eric-redmond-2021-11?r=nike-RTFKT-story">creation of a Metaverse Studio</a>. While Nike is building capabilities in-house, the RTFKT acquisition could speed up that work given RTFKT's advanced position when it comes to digital collectibles that can be inserted in virtual worlds and video games. In a note to investors, Stifel analyst Jim Duffy said the acquisition could "accelerate the long-anticipated launch of CryptoKicks," or <a href="https://thenextweb.com/news/nike-blockchain-sneakers-cryptokick-patent">Nike virtual sneakers</a>. RTFKT, which launched in 2020, currently has 15 employees and has raised $9.42 million from investors, according to PitchBook. The company was valued at $33 million in May. Its fundraising included an $8.12 million seed round led by Andreessen Horowitz, according to PitchBook. While less than two years old, RTFKT had already made a splash, including <a href="https://www.youtube.com/watch?v=E7gcwmBxtGI">landing on CNBC's "Squawk Alley</a>" in March after it said it sold $3.1 million in digital sneakers in 7 minutes. It also did a <a href="https://www.inputmag.com/style/jeff-staple-pigeon-nft-shoes-sneakers-rtfkt-studios">collaboration with celebrated sneaker designer Jeff Staple</a> and another with the <a href="https://www.forbes.com/sites/cathyhackl/2021/11/29/the-evolution-of-a-metaverse-brand-rtkfts-clonex-drops-today/?sh=6702707d6d62">noted Japanese artist Takashi Murakami</a> that's generated <a href="https://techcrunch.com/2021/12/13/nike-acquires-nft-collectibles-studio-rtfkt/">$65 million in transactions in less than three weeks</a>. On Twitter, sneaker analyst Chris Burns described RTFKT as "influential." But Nike still hasn't won over critics who question the value of digital sneakers, especially for a company that's historically focused on meeting the needs of elite athletes. "The company that does marketing better than any company in human history is about to start marketing things that no one needs and that have a (more or less) 100 percent profit margin," wrote longtime sneaker journalist Russ Bengtson on Twitter. Nike has made six acquisitions since 2018, according to PitchBook. Each company has been focused on the digital side of <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword>, including companies that do work around machine learning, predictive analytics, and digital shopping. Nike's current business plan, which it calls the <a href="https://www.businessinsider.com/inside-nike-restructure-layoffs-dtc-resale-digitalization-2021-3">Consumer Direct Acceleration</a>, revolves around digital and direct sales.<h3><a href="https://www.businessinsider.com/analysis-of-nike-patents-reveals-companys-metaverse-plans-2021-11?r=nike-RTFKT-story">If you're an Insider subscriber, you can read the full story on Nike's metaverse play here.</a></h3>

Nike just acquired a virtual goods company as it accelerates its metaverse play

Welcome to <keyword id="11937554" type="UNKNOWN" weightage="60" keywordseo="10-things" source="Orion">10 Things</keyword> Before the Opening Bell.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go – <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's jump in.1. Elon Musk's stock-selling spree likely isn't over. The self-appointed Technoking shed another $900 million of Tesla shares this week, according to new filings. <a href="https://markets.businessinsider.com/news/stocks/musk-sells-tesla-shares-worth-907-billion-dollars-2021-11">Musk sold the shares after exercising 2.1 million options at $6.24 per share.</a>But Musk still has <a href="https://markets.businessinsider.com/news/stocks/elon-musk-stock-sales-twitter-poll-tesla-share-price-2012-12">8 million stock options to exercise before August</a>, even after his most recent spate of sales. At the current share price, Musk's Tesla holdings would be worth about $7.2 billion before taxes.In total, Musk has exercised almost 15 million of the 22.9 million Tesla stock options he was granted in 2012. The steady pace of share sales isn't the only thing Musk is in the headlines for this week. In his latest viral tweet, <a href="https://markets.businessinsider.com/news/currencies/elon-musk-tesla-crypto-dogecoin-merchandise-payment-meme-doge-tsla-2021-12">Musk said Tesla will start accepting dogecoin for some products</a>, sending the meme token soaring as much as 30%. He also praised investor Warren Buffett and defended his $100 billion fortune — but in the same breath <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-warren-buffett-berkshire-hathaway-investing-skills-wealth-2021-12">slammed the legend's job as "super boring."</a>Earlier this week, Senator Elizabeth Warren put Musk in the crosshairs with some tweets of her own, <a href="https://www.businessinsider.com/elon-musk-person-of-year-elizabeth-warren-freeloading-taxes-2021-12">accusing the billionaire of "freeloading"</a> and refusing to pay his fair share of taxes as the world's richest person. Tesla stock has dropped more than 10% in the past five days.2. It's the countdown to the Fed decision, and US stocks are marking time. Even surging Omicron cases aren't enough right now to drag focus off whether the Fed will double its taper or move on rate hikes. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-fed-decision-jerome-powell-oil-price-omicron-2021-12">Check out what's happening in markets</a>.3. BlackRock is preparing for inflation going into the new year. The firm shared steps investors can take to position themselves for higher prices — <a href="https://www.businessinsider.com/2022-investing-inflation-predictions-recommendations-stocks-sectors-blackrock-investment-institute-2021-12">and explained why a bet on emerging-market stocks could backfire.</a>4. Earnings on deck: Lennar Corp, HEICO, and ABM Industries, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>5. Warren Buffett has grown Berkshire Hathaway's Apple stake to 50% of its entire equity portfolio. Buffett first started building Berkshire's position in Apple in 2016. Its $159 billion of Apple holdings <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-half-berkshire-hathaway-equity-portfolio-concentration-2021-12"> is equal to nearly 25% of the firm's $649 billion market capitalization. </a>6. The founder of The Sandbox said Big Tech poses a threat to a decentralized metaverse. Sebastien Borget told the <a href="https://www.scmp.com/tech/big-tech/article/3159562/sandbox-founder-says-open-blockchain-based-metaverse-threatened">SCMP</a> that the metaverse is about leaving the internet's old guard behind — <a href="https://markets.businessinsider.com/news/currencies/sandbox-co-founder-sebastien-borget-big-tech-threat-open-metaverse-2021-12">and he thinks Big Tech may be too focused on satisfying shareholders to allow that to happen</a>. 7. Potential rate hikes are pushing investors to hoard cash. That's according to Bank of America, which says worries over a hawkish Fed have created a contrarian buy signal for stocks — <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-fed-rate-hike-fears-spark-cash-surge-2021-12">"Investors [are] very cautious but few [are] outright bearish," BofA said.</a>8. Nike buys virtual shoe studio RTFKT in a high-profile metaverse push. Nike's new acquisition is known for creating virtual sneakers, collectibles, and avatars. <a href="https://markets.businessinsider.com/news/currencies/nike-metaverse-nft-shoe-studio-rtfkt-sneakers-collectibles-crypto-markets-2021-12">The new deal adds to Nike's growing digital footprint.</a>9. A day trader explained a simple strategy for compounding gains in either a bull or bear market. As long as you don't panic sell, Rick Rahim said his low-risk strategy has an accelerated growth curve. <a href="https://www.businessinsider.com/how-to-trade-litecoin-trader-shares-strategy-for-compounding-gains-2021-12">Plus, he explained how to trade litecoin, and why he likes it so much.</a>10. A crypto CEO who just spent $2.6 million on digital real estate shared his approach to metaverse investing. He's also highly bullish on both bitcoin and ether ahead of year-end. <a href="https://www.businessinsider.com/metaverse-land-real-estate-tips-crypto-investor-ether-bitcoin-price-2021-12">Here's what keeps him so enthusiastic about the potential of the metaverse.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

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Nike buys virtual shoe studio RTFKT as more big brands position themselves for metaverse push

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Nike is headed into the 'next era' of digital commerce as its metaverse strategy evolves, says Guggenheim

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Nike just acquired a virtual goods company as it accelerates its metaverse play

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