Nike Acquires Virtual Sneakers and Runs RTFKT for Crypto Collectibles

In October, Nike filed trademark applications as part of its preparations to sell virtual sneakers and apparel, according to CNBC. Now, the athletic footwear and apparel giant has acquired a startup called RTFKT (pronounced “artifact”) that will help the company accelerate its “digital transformation.” RTFKT was founded in the early 2020s and has since made a name for itself designing and creating what it calls “Metaverse-ready sneakers and collectibles” – all digital goods that people pay real money for.

The market for virtual goods is booming, and is expected to continue to grow as we move into the metaverse, the future vision of the Internet where people can interact in a virtual world using digital avatars. To that end, it appears Nike has big plans for RTFKT and its team, who will be joining the company. “We are acquiring a very talented team of creatives with an authentic and connected brand. Our plan is to invest in the RTFKT brand and serve and grow their innovative and creative community and expand Nike’s digital footprint and capabilities,” said John Donahoe, President and CEO of Nike. On Twitter, startup He said It will continue to evolve [its] Brand, innovations, products, and community with Nike’s resources and talents. “

Earlier this year, RTFKT teamed up with 18-year-old artist Fewocious to release three NFT sneakers for $3,000, $5,000, and $10,000. In just seven minutes, more than 600 people have purchased their virtual pairs for a total amount of $3.1 million USD. Recently, the startup presented its own avatar-like project called CloneX, a joint effort with Japanese artist Takashi Murakami. RTFKT describes CloneX as “the most ambitious project to date”, marking the start of its own Metaverse-ready avatar ecosystem.

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