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.
