The NFT Startup RTFKT has been Acquired by Nike to Deliver Next-Gen Collectibles

RTFKT Studios, a company that leverages Non-Fungible Tokens, augmented reality and blockchain authentication has been acquired by the American multinational Footwear brand Nike to deliver to its customers “Next Generation Collectibles.”

RTFKT Studios, a company that leverages Non-Fungible Tokens, augmented reality and blockchain authentication has been acquired by the American multinational Footwear brand Nike to deliver to its customers “Next Generation Collectibles.” RTFKT Studios was created in January 2020 and hosts multiple sneaker based NFTs on their website. According to the sources, a member of the RTFKT team sold around 600 pairs of virtual sneaker NFTs in early February at an estimated price of $3.1 Million.

Nike announced this acquisition after its blogpost regarding the “Nikeland” which is a Nike themed metaverse in collaboration with the virtual game Roblox. The competition for entering the metaverse realm is extremely high all around the world and following the footsteps of Nike and its competitor Adidas is also taking steps to enter NFTs and Metaverse.

Nike’s CEO and President John Donahoe spoke after the acquisition in an interview “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”. 

Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.

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