In some exciting but not unexpected news, Nike has announced that they have acquired RTFTK, a company that creates NFT virtual sneakers and collectibles.

One of the most talked-about use cases for virtual goods is the question “Would you buy virtual Nikes for your avatar?” It looks like Nike is making sure they take the lead with that question, and we expect other leading clothing brands will be following suit.

The NFT space is exploding right now with companies and collectors making huge investments in virtual real estate in Sandbox, as well as virtual NFT collectibles. We will definitely be talking a lot more about this in the future!

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Press Release below:

Beaverton Oregon, December 13, 2021NIKE, Inc. today announced the acquisition of RTFKT, a leading brand that leverages cutting-edge innovation to deliver next-generation collectibles that merge culture and gaming.

“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,” says John Donahoe, President and CEO of NIKE, Inc. “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.”  

Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT is a pioneering and innovative brand that redefines the boundaries of physical and digital value to serve their broad community of creators. This dedicated team leverages the latest in-game engines, NFTs, blockchain authentication and augmented reality to create one-of-a-kind virtual products and experiences. 

“This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,” says Benoit Pagotto, one of RTFKT’s co-founders. “Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse.”

The terms of the deal will not be disclosed.

About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.

Sean

Sean Earley is the Executive Editor of AR/VR Magazine & co-founder of RobotSpaceship Podcast Network. He is the Director of New Biz Development and Publishing at KEMWEB, a musician, producer & consultant. He loves guitars, VR and coffee.