Nike Inc (NYSE:NKE) has taken its first steps into the metaverse after it announced the purchase of virtual sneakers and collectables brand RTFKT.
The acquisition of RTFKT, based in Utah, confirms the sportswear giant’s intention to delve into the metaverse, with the company saying it will help to “deliver next-generation collectibles that merge culture and gaming”.
John Donahoe, chief executive of Nike, said the company plans to invest in the RTFKT brand to “serve and grow its innovative and creative community and extend Nike’s digital footprint and capabilities”.
Nike had initially flirted with the idea of joining the virtual world when it attempted to patent its name, the phrase ‘just do it’ and the swoosh logo for use online and in virtual worlds.
READ: Nike takes a leap into the metaverse
RTFKT have already potentially provided a glimpse of what its deal with Nike may look like.
In February, it held a collaboration with teenage artist FEWOCiOUS to sell real sneakers paired with virtual ones, reportedly selling some 600 pairs/NFTs in just six minutes, netting over US$3.1mln.
Competitors Adidas quickly followed Nike by teaming up with a number of non-fungible token creators, such as Bored Ape Yacht Club.