Multinational footwear giant Nike acquired NFT collectibles and fashion startup RTFKT in a major step into the metaverse, according to a press release by Nike Inc on Tuesday.

  • The acquisition is a perfect fit. One of RTFKT’s leading products is a hybrid NFT/physical shoe collectible inspired by CryptoPunks NFT collection. 
  • The project gained massive attention in March after a digital footwear collaboration with legendary NFT artist FEWOCiOUS sold $3.1M in metaverse kicks.
  • Meanwhile, Nike was looking at blockchain technology starting 2019, progressing until patenting tokenized shoes.
  • John Donahoe, Nike President, stated that the acquisition is another big step that enhances Nike’s digital transformation and helps the firm to serve both creators and athletes.

Donahoe further stated that they were acquiring a firm with a talented team of creators and planned to invest in the RTFKT brand and expand their Nike’s digital footprint and capabilities. NKE down -0.16