After Adidas' collaboration with the Bored Ape Yacht Club, Nike is also getting into the world of crypto-collectibles, announcing that they’re acquiring the NFT studio RTFKT.
In October, Nike filed trademark applications as part of its preparations to sell virtual sneakers and apparel, according to CNBC. Now, the footwear and sports apparel giant has acquired a startup called RTFKT (pronounced "artifact") that will help the company accelerate its "digital transformation."
RTFKT was founded in early 2020 and has since made a name for itself designing and creating what it calls "Metaverse-ready sneakers and collectibles" — all digital goods people pay very real money for.
The market for virtual goods is booming, and it's expected to continue growing as we move towards the metaverse, the future vision for the internet wherein people can interact in a virtual world with digital avatars. To that end, Nike seems to have big plans for RTFKT and its team, which will be joining the company.
John Donahoe, Nike's President, and CEO said: "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." On Twitter, the startup said that it "will continue to evolve [its] brand, innovations, products, and community with Nike resources and talents."
While announcing the deal — without revealing how much it spent — Nike positioned RTFKT’s lightning bolt-style logo alongside its own iconic swoosh, Jumpman, and Converse marks. Those brands have decades of history, built on high-level athletic endorsements, distinctive designs, and a grassroots culture that actually exists in the real world.
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