Nike acquires RTFKT virtual sneaker brand
Nike has acquired the RTFKT virtual sneaker and fashion brand as part of plans to expand into the metaverse.
Founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT uses the latest in game engines, NFTs, blockchain authentication and augmented reality to create one-of-a-kind virtual products and experiences.
The brand is best known for its metaverse-ready sneakers and collectibles including its recent sneaker collaboration with 18 year old artist, Fewocious.
John Donahoe, president and chief executive of Nike, said: “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. 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.”
The terms of the deal have not been disclosed.
Pagotto added: “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. 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.”