Nike buys Virtual Sneaker Maker RTFKT in Metaverse Push

Nike said Monday it had bought virtual sneaker company RTFKT for an undisclosed sum as the sportswear giant aims to quickly expand its footprint in the burgeoning “metaverse.”

Last month, Nike became one of the first major brands to enter the shared virtual world that rose to prominence after Facebook recently rebranded itself as Meta Platforms. In such blockchain-based environments, users can purchase virtual land and other digital assets such as avatar clothing in the form of a crypto asset called a non-fungible token (NFT).

Founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT also creates NFT collectibles and memes, according to its website. , creativity, gaming and culture,” Nike Chief Executive Officer John Donahoe said in a statement.

© Thomson Reuters 2021

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