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Following Acquisition of RTFKT, Nike Enters Metaverse Game

Following Acquisition of RTFKT, Nike Enters Metaverse Game

Nike’s latest RTFKT acquisition demonstrates its desire to be a major stakeholder in the metaverse’s virtual environment.

Nike has hinted at the acquisition of RTFKT, a virtual sneakers and collectibles company. Nike joins the metaverse bandwagon as the largest US-based athletic equipment company as a result of this cooperation.

Nike submitted proposals for patenting the terms — namesake, swoosh logo, and just do it — for use online and in online virtual worlds, according to a Cointelegraph story from November 2. Two new job advertisements for virtual material designers accompanied the file, indicating the company’s intention to enter the metaverse.

The recent RTFKT acquisition, on the other hand, confirms Nike’s involvement in the metaverse ecosystem:

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

— RTFKT Studios (@RTFKTstudios) December 13, 2021

RTFKT will help Nike “create next-generation collectibles that mix culture and gameplay,” according to the organization. Nike’s president and CEO, John Donahoe, feels the move would benefit the company’s digital transformation efforts:

“We plan to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

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“We’re delighted to build our brand which was fully formed in the metaverse,” RTFKT co-founder Benoit Pagotto said, expressing his support for this aim.

Adidas Enters Metaverse 

Adidas, a German sportswear firm, announced its entry into the metaverse after partnering with non-fungible tokens (NFT) startups such as Bored Ape Yacht Club, gmoney NFT, and PUNKS Comic.

Today we leap Into The Metaverse with @BoredApeYC, @gmoneyNFT & @punkscomic.

It’s time to enter a world of limitless possibilities.https://t.co/LmgtrRn20c pic.twitter.com/40kU8tayrS

— adidas Originals (@adidasoriginals) December 2, 2021

An article on Adidas mobile app reads:

“The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.”

“We cannot wait to see Adidas in the metaverse,” Meta, which recently rebranded itself from Facebook, said of Adidas’ arrival.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.