By
Mayowa Adebajo
April 16th, 2024
The recent acquisition of RTFKT Studios by Nike is a perfect fit as the former focuses majorly on sneaker-themed non-fungible tokens (NFTs) and collectibles on the Ethereum blockchain network.
Some of the big brands have shown a willingness to dive into the world of NFTs and Metaverse and footwear giant Nike Inc is the latest among them. On Monday, December 13, Nike announced the acquisition of RTFKT Studios.
This is a digital art studio focusing majorly on sneaker-themed non-fungible tokens (NFTs) and collectibles on the Ethereum blockchain network. Speaking of this development, Nike President and CEO John Donahoe said:
“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. 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.”
This acquisition will also help Nike to set up a strong footprint in the blockchain-based branding and the metaverse. The Metaverse is projected to grow at a rapid pace over the next decade. Social media giant Facebook has also considered rebranding the company name to Meta. This is to highlight the company’s growing ambitions in the Metaverse.
Besides, Metaverse is also emerging as a popular theme in the crypto space. Digital assets and crypto projects associated with the Metaverse have gained significant traction recently. We have seen the recent price rallies in Decentraland (MANA) and The Sandbox (SAND).
What does This RTFKT Studios Acquisition Mean for Nike?
The acquisition of RTFKT Studios for Nike seems to be a perfect fit for the shoemaker giant. Inspired by the legendary CryptoPunks NFT collection, RTFKT also introduced its flagship product a hybrid NFT/physical shoe collectible.
This project gained major traction in March after a digital footwear collaboration with NFT artist FEWOCiOUS sold $3.1 million in metaverse kicks. Last month in November, Nike introduced users to an immersive 3D world NIKELAND by collaborating with Roblox. But Nike is also not the first shoe and apparel company to join the Metaverse.
Earlier this month, footwear maker Adidas announced that it purchased a Bored Ape Yacht Club NFT for 46 ETH or just over $156,000 at the time. Speaking post the recent acquisition by Nike, RTFKT co-founder Chris Le, who goes by ClegFX on Twitter said:
“When we first started, we had fun designing sneakers inspired by video games and making dope content and always trying to innovate. Nike has always been our inspiration. This is the start of a new chapter in the RTFKT story.”
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