Nike’s pivot to the Metaverse continues today as the company announces the acquisition of NFT collectibles brand RTFKT.
The site, founded in January 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, is known for creating virtual sneaker designs and exclusive collectables minted as NFTs. The company has done notable collaborations with Takashi Murakami, Jeff Staple, Lexus and more. Earlier this year sold $3.1 million USD in virtual sneaker designs. The terms of the deal have not been disclosed.
Just over a year old, RTFKT already has some notable accomplishments under its belt. In October 2020, it sold its first pair of virtual sneakers for 30 Ethereum, approximately $115,000. In February, the startup sold a collection of NFT sneakers in just seven minutes, raking in $3.1 million.
“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. “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. As well as extend Nike’s digital footprint and capabilities.”
“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,” Pagotto says “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.”
