Nike Just Did It, Buys Metaverse Sneaker Company RTFKT

On Monday, Nike announced its acquisition of metaverse sneaker company RTFKT Studios as it continues its movement into the digital realm. RTFKT was formed in 2020 from the minds of Benoit Pagotto, Chris Le, and Steven Vasilev. Aside from virtual sneakers, the company also dabbles in other NFTs to serve a wide community of creators.

“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,” explained co-founder Benoit Pagotto following the acquisition.

“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.”

Earlier in February, RTFKT was able to sell 600 pairs of NFT sneakers in just six minutes — at a time when NFTs were just beginning to be put in the limelight. The company was able to gain more than $3.1 million through their project which was done in collaboration with teenage artist FEWOCiOUS.

Nike regards RTFKT as “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,” elaborated Nike President and CEO John Donahoe.

“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.”

Just this week, RTFKT also launched an NFT collaboration with Japanese artist Takashi Murakami which offers metaverse-ready digital avatars styled with various collectible traits.

Sources: The Verge, CNBC, Nike News