Crypto News
16 Dec 2021

NIKE Acquires Virtual Sneaker Maker RTFKT

Savan

Nike announced on Monday the acquisition of RTFKT (pronounced “artifact”) Studios, a virtual shoe company that makes NFTs, for an undisclosed sum. The move comes on the backdrop of giant retailers looking to expand their footprint in the fast-growing “Metaverse”. 

“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,” noted the President and CEO of Nike, Inc., John Donahoe. 

What does RTFKT do? 

Founded as recently as 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT is a leading NFT brand that creates virtual sneakers and crypto collectibles. For people new to Metaverse and NFT, this might sound crazy. But to give some context, some virtual sneakers sell for up to $10,000 (roughly ₹75 lakh) per pair. 

RTFKT is known for partnering with crypto artists who create NFT that quickly sell out. NFTs are digital assets representing ownership of unique collectibles that can be traded, sold, or worn by digital avatars in the Metaverse. 

Earlier in February 2021, the startup paired with teenage artist FEWOCiOUS to sell real sneakers along with virtual ones. And to everyone’s surprise, 600 pairs/NFTs were sold for over $3.1 million in just 6 minutes. In May, RTFKT was funded by Andreessen Horowitz (A16Z), also a key investor in CoinSwitch Kuber, which pushed the company’s valuation to $33 million. 

(A16Z Sneakers made by RTFKT to celebrate its funding. Image Source: RTFKT)

Big Brands Enter Metaverse 

Nike is not the only brand eager to make a breakthrough in the much-coveted alternate reality space. Recently, Adidas announced a partnership with Bored Apes Yacht Club, an NFT project based on Ethereum Blockchain. Gucci, H&M, Burberry, Vans, and Ralph Lauren are some other fashion brands exploring Metaverse. 

According to Cathy Hackl, a globally recognised Metaverse expert, “every company will need a metaverse strategy.”

RTFKT is currently partnering with Japanese artist Takashi Murakami in one of the most talked-about NFT projects called the CloneX. The project has already seen $65 million in transaction volume within three weeks of its launch, as reported by CryptoSlam. And this comes as an opportune moment for NIKE to immerse in Metaverse through RTFKT. 

Metaverse Coins Now Available On CoinSwitch Kuber 

Not just brands, even retail investors can be part of the fast-evolving alternate reality. If you don’t want to stress yourself on getting started with this new technology, easier alternatives are available. 

And one sure way to do this is by investing in Metaverse coins on CoinSwitch Kuber. The Sandbox (SAND), Gala Games (GALA), and Decentraland (MANA) are some significant new additions from the Metaverse category. 

Explore them and be part of the digital revolution.  

 

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Savan

Content Writer

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