Nike acquires digital collectibles brand RTFKT, enters metaverse world

Among the world’s biggest sportswear companies, Nike has announced the acquisition of digital sneakers and collectibles brand RTFKT. As a result of this collaboration, Nike became the largest athletic products manufacturer based in the United States, and the company hops on the metaverse trend.

On November 2, Nike submitted patent applications for its namesake, the swoosh logo, and the slogan “just do it” for use on the internet and in virtual worlds, among other things. Its filing was accompanied by two new job postings for virtual material designers, indicating that the company intends to expand its operations into the digital world.

Metaverse has been booming all November, with big brands hopping into the sector. The tokens like The Sandbox (SAND) and Decentraland (MANA) touched the sky despite the bleeding market.

Nike’s interest in delving into the metaverse ecosystem, as evidenced by the new RTFKT acquisition, has been confirmed:

RTFKT is now a part of the NIKE, Inc. family. 🌐👁‍🗨 pic.twitter.com/5egNk9d8wA

— RTFKT (@RTFKT) December 13, 2021

Nike aims expansion in digital capabilities

As stated by Nike, the decision of acquiring RTFKT will enable the company to “deliver next-generation collectibles that merge culture and gaming.” Nike’s president and CEO, John Donahoe, believes that the move will support the company’s digital transformation efforts. “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,” he says.

Supporting this aspiration, RTFKT co-founder and ambitious Benoit Pagotto expressed his excitement about the possibility of expanding the company’s brand, which was fully formed in the metaverse.

Across the pond, German sportswear giant Adidas recently announced its entry into the metaverse after partnering with nonfungible tokens (NFT) companies such as Bored Ape Yacht Club, Gmoney NFT, and Punks Comic.

https://twitter.com/adidasoriginals/status/1466443459951271939

“We can’t wait to see Adidas in the metaverse,” said Meta, which recently rebranded itself from Facebook, to express its excitement about Adidas’ entry into the Metaverse world.

Adidas has also partnered with the exchange giant Coinbase during November-end, indicating that something is cooking.