To expand its metaverse reach, Nike’s sports has announced its acquisition of RTFKT Studios, a digital art studio focused on sneaker-themed NFTs, or non-fungible tokens (NFTs) collectibles that are on Ethereum.
According to Nike President and CEO John Donahoe, This acquisition further accelerates Nike’s digital transformation. It will allow us to provide services to creatives and athletes who are at the crossroads of creativity, sports gaming, and the arts.
He said: “We’re acquiring a fantastic group of artists with a well-established and well-connected brand. The plan is to put money into RTFKT’s RTFKT brand, support and develop their unique and artistic community, as well as expand the reach of Nike’s online presence and capability.
The move of Nike will strengthen its place in the metaverse as well as its blockchain-based branding. The company last month introduced NIKELAND in partnership with Roblox to provide a fully immersive 3D world. Nike has previously filed four trademark registration petitions with the US Patent and Trademark Office for virtual products.
RTFKT is a groundbreaking and creative brand that is redefining the boundaries between digital and physical value to benefit its broad audience of creators. Its co-founder Chris Le has said that when we first began in the beginning, we enjoyed creating shoes inspired by video games, and creating amazing content, and constantly striving to be innovative.