Nike acquires NFT studio RTFKT
Sportswear manufacturer Nike announced the acquisition of virtual sneakers and collectibles brand RTFKT.
Nike enters the metaverse
The acquisition announcement comes at a time when RTFKT has recently launched an NFT called CloneX in collaboration with artist Takashi Murakami. According to crypto tracker CryptoSlam, the project has already recorded nearly $65 million in transaction volume. The terms of the acquisition were not disclosed, but an insider with the knowledge of the matter said it would have cost Nike $300 million to acquire RTFKT.The start-up raised an $8 million seed round back in May led by Andreessen Horowitz that valued the company at $33.3 million, but since May RTFKT has grown a lot. With their recent NFT launch, the company raised close to $100 million. “This is a unique opportunity to build the RTFKT brand, and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,” RTFKT co-founder Benoit Pagotto said in a statement.
Adidas is also entering the metaverse
On the other side of the world, German sportswear manufacturer Adidas announced it was entering the metaverse after partnering with companies such as Bored Ape Yacht Club, gmoney NFT, and PUNKS Comic. Metaverse project The Sandbox also welcomed sports brand Adidas as one of its citizens.In addition to building out its own NFT drops, RTFKT had collaborated with other crypto creators to design items like physical shoes that utilized imagery in other NFT projects, including CryptoPunks. Owners of CryptoPunks were able to buy a customized shoe by proofing they owned the specific punk. It is unclear if Nike will continue these drops.
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