Nike Enters Metaverse With The Acquisition Of RTFKT

Nike becomes the biggest US-based sportswear manufacturer through this partnership to join the metaverse crusade.

NIKE, the leading sportswear manufacturer announced the acquisition of NFT creators RTFKT. 

RTFKT (pronounced "artefact") delivers next-generation collectibles, says NIKE, that merge culture and gaming. The start-up was valued at $33.3M in May.

"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," said John Donahoe, President and CEO of NIKE, Inc

"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." he added.

Nike said that RTFKT is a pioneering and innovative brand that is redefining the boundaries of physical and digital value to serve the broad community of creators. The start-up leverages the latest in NFTs, game engines, and augmented reality to develop one-of-a-kind virtual products and experiences. 

The terms of the deal were not disclosed. Benoit Pagotto, one of RTFKT’s co-founders said that the team is excited as the merger with Nike will help grow the brand which has fully been formed in the metaverse.

Interestingly, German sportswear manufacturer, Adidas has already announced its move into the metaverse partnering with NFT firms including Bored Ape Yacht Club, Gmoney NFT and Punks Comic.

  Meta (earlier Facebook) welcomed Adidas’ entry and said "We can’t wait to see Adidas in the metaverse."