Nike has become the latest major fashion brand to step into the NFT space with the purchase of a digital apparel start up.
The footwear multinational agreed to buy RTFKT, a company founded in 2020, for an undisclosed amount. Some exciting collaborations could be on the horizon with Nike announcing in a blog post that the companies will merge culture and gaming for a new collection.
RTFKT’s flagship line of sneakers is a hybrid digital and physical shoe which features artwork inspired by the CryptoPunks NFT collection while a digital footwear collaboration with digital artist FEWOCiOUS sold for $3.1m.
“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,” says John Donahoe, President and CEO of NIKE, Inc.
“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,” Donahoe added.
Commenting on the partnership Benoit Pagotto, one of RTFKT’s co-founders, said: “Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse.”
Adidas also signalled it would take the leap into metaverse fashion just last month. The sportswear giant announced separate partnerships with Coinbase and Sandbox as it develops plans for an ‘Adiverse.’