Nike acquires virtual sneaker maker

Author | Lu Jieping

Nike is acquiring a virtual collectibles company as it dives deeper into the metaverse.

The sportswear giant will acquire RTFKT, a company founded in 2020 that makes digital products such as sneakers and ensures their authenticity using blockchain technology, according to a statement on Monday. Specific financial terms of the transaction were not disclosed.

According to the official website of RTFKT, RTFKT was founded by Benoit Pagotto, Chris Le and Steven Vasilev, and also produces NFT collectibles and memes.

“This acquisition is another step in accelerating Nike’s digital transformation," CEO John Donahoe said in the statement. "Our plan is to invest in the RTFKT brand, serve and grow their innovation and creative community, and expand Nike’s digital footprint and capabilities.”

Nike has been planning its digital future in recent months. It filed seven requests with the U.S. Patent and Trademark Office in late October to protect its trademarks for “downloadable virtual goods” and related services. In November, it debuted the Nikeland world in the metaverse through a partnership with video game platform Roblox, where users can play games and equip their characters with digital Nike items.

Virtual worlds such as Roblox are increasingly attracting attention and investment from fashion and apparel brands because the platforms give companies a chance to connect with young users and boost awareness of their products.