Nike Moves Towards Metaverse with RTFKT Acquisition
Nike has acquired digital collectible start-up RTFKT.
“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. “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.”
Founded in 2020, by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT (pronounced “artifact”) is dedicated to redefining the boundaries of physical and digital value to serve their broad community of creators; its team leverages the latest in game engines, NFTs, blockchain authentication, and augmented reality to create one-of-a-kind virtual products and experiences.
“This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,” added Pagotto. “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.”
The terms of the deal were not disclosed.