Nikeland enters the Metaverse, Nike pursues digital assets and Gaming

Nike has announced its acquisition of RTFKT, a leading brand that utilizes digital innovations to distribute gaming and pop-culture collectibles. This has been Nike’s latest endeavor to further build its presence in the metaverse, blockchain, and cryptocurrency space.

“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,” said John Donahoe, President and CEO of Nike in its statement. “We’re acquiring a very talented team of creators with an authentic, connected brand, and extends Nike’s digital footprint and capabilities.”

RTFKT was founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev and uses the latest technology to create unique virtual experiences and products. In its process, the company has acquired next-generation in-game engines, NFTs, blockchain authentication, and augmented reality.

This year, several brands have been tirelessly striving to enter the metaverse, these include Dolce & Gabbana, Jimmy Choo, and Adidas AG. Adidas, one of Nike’s main competitors, has also come out with its collection of NFTs labeled “Into the Metaverse”. The collection was released this month and sold out almost immediately, generating revenues of over $23 million.

In November, Nike also announced its initial project to enter the Metaverse. The project was the creation of “Nikeland” on Roblox. Roblox is an online gaming and game-making platform that allows the public to create and play on its servers. Nikeland is a space where players can participate in several games such as tag, the floor is lava, and dodgeball. Additionally, those who use Nikeland can easily create and design a mini-game of their choosing, through interactive sports materials.

Source: NASDAQ