Nike Going Virtual 👟

Nike Going Virtual

Last month, Nike became one of the first big brands to enter the shared virtual world that gained prominence after Facebook recently rebranded itself to Meta Platforms.

In such blockchain-based environments, users can buy virtual land and other digital assets such as clothing for avatars in the form of a crypto asset called a non-fungible token (NFT).

Nike said on Monday it had bought virtual sneaker company RTFKT for an undisclosed sum, as the sportswear giant looks to quickly expand its footprint in the fast-growing “metaverse.”

RTFKT, pronounced “artifact,” has quickly gained a following in the NFT and sneaker worlds after being formed by three friends in January 2020, as the COVID-19 outbreak was starting to take root worldwide.

Nike said the deal will extend its digital footprint as more brands push into the world of NFTs and the metaverse.

“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,” John Donahoe, Nike’s president, and CEO, said in the statement.

“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,” Nike Chief Executive Officer John Donahoe said in a statement.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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