Tired of hearing about the metaverse? Sorry, it's not going anywhere!

Nike, Inc. has acquired RTFKT (pronounced "artifact"), a brand that specializes in digital sneakers. The terms of the deal remain under wraps.

"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," CEO John Donahoe said in a statement.

"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."

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.

And earlier this month, RTFKT collaborated with Takashi Murakami on Clone X, an NFT avatar project.

Neither Nike declined to reveal specifics about its newly minted relationship and what it means for the future of both brands. However, it's safe to say that the deal foreshadows Nike's expansion into the metaverse, likely via NFTs and other digital drops.

In 2019, the sportswear giant filed a patent for "blockchain-enabled digital shoes," a prescient move that predated the rise of NFTs and cryptocurrency.

There's no official confirmation, but the company's new RTFKT investment could mean "CryptoKicks" will soon be a reality.

Sneaker collectors, start investing wisely. Soon, your virtual kicks will hold just as much street cred as your rare Air Jordan 1s.

What To Read Next

*If you submitted your e-mail address and placed an order, we may use your e-mail address to inform you regularly about similar products without prior explicit consent. You can object to the use of your e-mail address for this purpose at any time without incurring any costs other than the transmission costs according to the basic tariffs. Each newsletter contains an unsubscribe link. Alternatively, you can object to receiving the newsletter at any time by sending an e-mail to info@highsnobiety.com

Web Accessibility Statement

Titelmedia (Highsnobiety), is committed to facilitating and improving the accessibility and usability of its Website, www.highsnobiety.com. Titelmedia strives to ensure that its Website services and content are accessible to persons with disabilities including users of screen reader technology. To accomplish this, Titelmedia has engaged UsableNet Inc, a leading web accessibility consultant to help test, remediate and maintain our Website in-line with the Web Content Accessibility Guidelines (WCAG), which also bring the Website into conformance with the Americans with Disabilities Act of 1990.

Disclaimer

Please be aware that our efforts to maintain accessibility and usability are ongoing. While we strive to make the Website as accessible as possible some issues can be encountered by different assistive technology as the range of assistive technology is wide and varied.

Contact Us

If, at any time, you have specific questions or concerns about the accessibility of any particular webpage on this Website, please contact us at accessibility@highsnobiety.com, +49 (0)30 235 908 500. If you do encounter an accessibility issue, please be sure to specify the web page and nature of the issue in your email and/or phone call, and we will make all reasonable efforts to make that page or the information contained therein accessible for you.