Nike Buys NFT Sneaker Studio RTFKT

It’s official – Nike is stepping into the NFT industry, big time.

The sports apparel company acquired RTFKT, a virtual shoe company. Nike did not disclose the terms of the deal. However, it did say that the company is at the cutting edge of next-gen collectibles.

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

Nike’s President and CEO John Donahoe said that the company is acquiring a “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.

RTFKT will join Nike’s family of brands, including Air Jordans and Converse.

RTFKT’s NFT Success

RTFKT managed to capitalize on the NFT and Metaverse trend. In particular, the company made news in February for its sale of sneakers paired with its virtual counterparts. They paired with a digital artist FEWOCiOUS that provided the design. Remarkably, they sold some 600 sneakers/NFTs in just six minutes. The total value of the sale was $3.1 million.

Founded in 2020, the company claims it was “born on the Metaverse,” with heavy virtual and augmented reality involvement. In particular, the company used crypto and augmented reality to boost its brand. As a result, virtual avatars using RTFKT artefacts are at the forefront of their image.

The NTFS run on the Ethereum blockchain, storing the proof of ownership. The company makes cryptos and NFTs and supports Bitski and MetaMask digital wallets. It managed to capitalize on the innovation in the space, netting its massive profits and now an acquisition deal with Nike.

In particular, Benoit Pagotto, one of RTFKT’s co-founders, said that Nike would help build their brand and expand in the Metaverse.

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

Adidas Jumps Into NFTs

Similarly, Addidas announced its leap in the Metaverse at the begging of December. Significantly, the clothing giant partnered with famous NFT projects like Bored Ape Yacht Club. They also partnered with influencers such as gmoneyNFT and punk comic.

A recent tweet by the clothing company featured a Bored Ape NFT wearing the iconic Adidas tracksuit.

This autumn, Adidas, known for celebrating ideas at the bleeding edge of originality, it settling in at the frontier of creativity: The Metaverse. Our goal there? To see every one of its inhabitants thrive. The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.

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Global NFT sales could reach $17.7 billion by the end of the year. Particularly, with the development of Metaverse and NFT new tech, the lines between real and virtual products are becoming blurry. Therefore, it’s no wonder multinational companies are investing more into the virtual world.

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