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Nike Acquires NFT Startup to Enter Further into Metaverse

RTFKT creates digital sneakers backed by NFTs.

Sports equipment manufacturer and retailer, Nike is expanding into the digital assets space, especially in the Metaverse.

As a consequence, on Monday, it announced the acquisition RTFKT Studios on Monday.

RTFKT is a digital studio that specializes in creating digital sneakers backed by Non-Fungible Tokens (NFT). It was founded in January 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev.

“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”

John Donahoe, President and CEO of NIKE, Inc.

This goes in line with Nike’s vision of proceeding into the Metaverse. Moreover, Nike is one of the leading manufacturers of shoes in the world, getting into digital sneakers is a natural choice.

“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,” says Benoit Pagotto, one of RTFKT’s co-founders. 

Just last month, Nike had created NIKELAND, its digital space in the popular game called Roblox. It contains the buildings and arenas inspired by Nike’s real-life headquarters. Users can also play games in the space.

Earlier this month, Nike’s European competitor, Adidas, also entered the Metaverse.

Metaverse fashion and branding are gradually attracting top-notch companies. They too want to grab a piece of the market.

Who could have thought that brands would start investing in the Metaverse?  

With brands getting into Metaverse and NFTs, do you think digital collectables will also carry the same brand value? Comment below.

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