Nike Buys Virtual Sneaker Maker RTFKT

MOSCOW (Sputnik) - The US sportswear giant Nike has acquired virtual sneaker and collectibles company RTFKT in the hope of increasing its presence in the expanding metaverse, the company said in a press release.

"NIKE, Inc. today announced the acquisition of RTFKT, a leading brand that leverages cutting edge innovation to deliver next-generation collectibles that merge culture and gaming", Nike said in a statement.

The sum of the deal was not disclosed.

"This acquisition is another step that accelerates Nike's digital transformation and enables us to serve athletes and creators at the intersection of sports, creativity, games and culture", President and CEO of NIKE John Donahoe said.

Nike stepped up its digital adoption after social media giant Facebook rebranded itself as Meta Platforms. In November, Nike partnered with video-game platform Roblox to create a free-to-play virtual world modelled after the Nike headquarters.

RTFKT uses blockchain technology to track user-owned tokens in virtual worlds. Trademarks are placed on downloadable virtual goods, namely computer programs depicting shoes, clothing, hats, glasses, bags, backpacks, sports equipment, art objects, toys and accessories for use online in virtual worlds.