Nike acquires NFT RTFKT start-up

Nike announced on Monday that it has acquired RTFKT, one of the most high-profile NFT companies with some of the best-selling projects in the NFT markets, for an undisclosed price.

The acquisition is another sign that the sneaker maker has major plans for the metaverse and digital shoes. Last month, Nike created a virtual world on Roblox, the gaming platform, and registered seven brands of “virtual products”.

RTFKT has been behind some of the most successful NFT launches, ordering over $ 700,000 in marketplaces like OpenSea, a trading platform for non-fungible tokens.

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Marketers and NFT enthusiasts said Nike’s deal for RTFKT could spur even wider adoption of crypto-technology. “This is a watershed moment for brands and NFTs,” said Avery Akkineni, president of VaynerNFT, a division of VaynerMedia that works with advertisers like AB InBev on NFT projects. “It shows the desire of mainstream brands to participate in this culture.”

While many traders and consumers are unlikely to be familiar with RTFKT’s work, the startup’s projects, some of which include virtual sneakers, are well known to NFT collectors. NFTs, or non-fungible tokens, are created using blockchain technology, which is the same computer platform that hits and tracks cryptocurrencies like Bitcoin and Ethereum. Brands got more involved with NFT this year, distributing NFT artwork and working with the creators of NFT. Meanwhile, major internet platforms like Meta (formerly Facebook) see NFTs as a fundamental digital asset for the next metaverse.

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