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Nike purchases NFT Studio RTFKT

Updated: Mar 25

Nike announced its first substantial foray into the metaverse with the purchase of RTFKT (pronounced “artefact”), a non-fungible token (NFT) studio that produces digital collectibles, including virtual sneakers. They did not disclose the value of the deal.

“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,” said Nike president John Donahoe. Nike last indicated it was getting into the metaverse in November, when it quietly filed over half a dozen of its signature trademarks with the US Patent and Trademark Office (USPTO) “for use online and in online virtual worlds.”

With the acquisition of RTFKT, Nike is one step closer to offering goods emblazoned with its signature swoosh to online communities. The opportunity looks lucrative—while RTFKT has only been around since 2020, it’s already raked in millions of dollars for virtual sneakers.

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