Nike acquires RTFKT virtual sneaker creator for metaverse push

Nike has acquired the virtual sneaker maker RTFKT, and it has shared the news early this week. The amount of the acquisition deal was not disclosed.

Nike’s move to buy the virtual sneaker company is part of its plans to expand in the fast-growing metaverse business. The company was one of the first major brands to jump into the virtual universe and reportedly gained prominence after Facebook changed its name to Meta.

According to Reuters, in metaverse, which is a blockchain-based virtual world, users can do so many things that they also do in real life, such as buying virtual land, digital assets including art, clothing for their own avatars, and more. Most of the digital assets are sold in the form of NFT or non-fungible tokens.

Nike further said that having RTFKT onboard will help them bring the next-generation collectibles that combine culture and gaming to the public. Moreover, the company’s president and chief executive officer, John Donahoe, believes that the acquisition will also accelerate the company’s digital transformation efforts.

“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,” Donahoe said in a press release. “We are 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.”

Benoit Pagotto, RTFKT’s co-founder, also said that being part of Nike will give them a unique opportunity to further develop the RTFKT brand. He added that they are excited to benefit from Nike’s foundational strength and expertise to build the communities they love.

“Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity, and community, and we are excited to grow our brand which was fully formed in the metaverse,” Pagotto said.

Nike is a world-renowned sneaker and sports apparel firm that has been around since 1964 and its newest acquisition RTFKT, creators of virtual sneakers and collectibles, was established only last year by Benoit Pagotto, Steven Vasilev, and Chris Le.