Interestingly, Nike Inc. has completed the acquisition of RTFKT. RTFKT is a non-fungible token (NFT) platform that was fully formed in the metaverse.
This announcement was made by Nike on December 13 2021. However, the details of this deal remains undisclosed by the company.
In stating the obvious, the acquisition is to enable Nike Inc. expand its brand’s presence and capabilities in the digital space. Likewise, Nike’s products could gain more attention from NFT and fashion lovers.
Notably, this move became crucial for the company considering the growing interests in NFTs and blockchain technology as a whole, by individuals and mainstream industries.
Meanwhile, Nike’s interest in digital finance didn’t just begin today. The company’s first move towards crypto adoption was taken in 2019.
Nike Inc’s Gateway to Crypto – CryptoKicks
Speaking of NIKE Inc., it is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities.
With CryptoKicks, the fashion company now operates an online marketplace where cryptographically secured digital assets (NFTs) can be traded. These assets could be a digital shoe or apparel.
Wondering why the company showed interest in RTFKT? Let’s discuss that.
What You Should Know About RTFKT
RTFKT is an NFT-based start-up founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev. The platform is said to be a “very eclectic, creator led organisation.” They are focused on merging realities in fashion and gaming.
Interestingly, RTFKT leverages on blockchain technology to design one of a kind sneakers and digital artifacts. Also, the platform is well-known in the creation of viral sneaker designs, memes and collectible exclusives.
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Why the Acquisition of RTFKT?
Concerning the RTFKT acquisition by the footwear and clothing giants, here is what John Donahoe, President and CEO of NIKE, Inc says:
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.
Furthermore, the CEO notes:
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.
On the other hand, RTFKT is excited about their involvement with Nike. According to Benoit Pagotto, it is a unique opportunity for them to build their brand and equally benefit from Nike Inc’s foundational strength and expertise in the industry.