Nike wants a piece of the Metaverse as they acquire a non-fungible token (NFT) studio that produces virtual apparel. It’s a move that will further strengthen Nike’s stance on NFTs and the Metaverse.
Nike CEO and president John Donahoe, further elaborated on the importance of this acquisition and what it means for Nike going forward.
“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.
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.” Mr. Donahoe said.
It’s not a surprise move at all given the recent buzz surrounding the Metaverse and NFTs. As for RTFKT, the name is not an acronym at all. Interestingly it is a play on the word “artifact”. RTFKT studio was launched in 2020 and is bringing fresh ideas into the space of virtual apparel.
They are combining blockchain technology and augmented reality to create fashionable digital collectibles, memes, and sneaker designs. It’s not a new space as they are other incumbents participating and innovating.
This probably is just a drop in the bucket for Nike in terms of investing and innovating within this space. Expect interesting news and business models to develop down the line.
