Nike CEO says the purchase aims to 'extend Nike’s digital footprint and capabilities'
Nike announced it purchased RTFKT, a non-fungible token (NFT) company which creates digital sneakers in the “metaverse.”
Non-fungible tokens are virtual collectibles, which are purchased and traded through the Ethereum blockchain - a cryptocurrency platform.
The sports apparel company says the partnership aims to establish Nike’s creative presence in the virtual world.
“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,” Nike CEO John Donahoe explained in a company press release.
“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 continued.
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RTFKT, a digital asset firm, was created in 2020 and specializes in the creation of virtual collectibles.
The company “uses the latest in game engines, NFT, blockchain authentication and augmented reality, combined with manufacturing expertise to create one of a kind sneakers and digital artifacts,” according to its website.
Nike is one of the biggest firms to embark on new, virtual-centered initiatives since Facebook announced the creation of its “Meta” project.
Meta, an initiative first announced by Facebook founder Mark Zuckerberg in October, aims to establish a digital community “to bring the metaverse to life and help people connect.”