Metaverse Investment from Nike: RTFKT Acquired!

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The metaverse space continues to grow seriously. While Nike deals with Blockchain technology and digital worlds, its main rival Adidas has stepped into the metaverse recently. This week, Nike has made a serious move in this area by announcing that it has acquired the digital collection platform RTFKT.

After Adidas, the metaverse step came from Nike.

The race to stay relevant in the digital world is getting more and more competitive. RTFKT was founded in 2020 to create virtual sneaker designs for use in online gaming and now Metaverse. The group designed for game companies and fashion designers before moving on to NFT designs last year. The group’s OpenSea page says that RTFKT has 561 NFTs in its collection and has created at least 1,000 more.

Its most notable line is a virtual sneaker line designed for the popular NFT collection CryptoPunks, one of which is selling for 3.2 ETH (over $12,000) today. In May, the project raised $8 million in an investment round led by Andreessen Horowitz. Nike President and CEO John Donahoe wrote that the acquisition is part of the company’s attempts to engage with digital culture.

He added that Nike will gain “a talented team of creators with a distinctive and connected brand” through the acquisition. “NIKE is the only brand in the world that we always looked up to and inspired by when we started RTFKT,” RTFKT said. He also announced that he will continue to expand his brand and image under Nike.