Nike just did it! After being granted a patent for “CryptoKicks,” a system for releasing digital footwear that linked physical shoes with virtual versions that could be sold, traded or stored in an online blockchain locker; envisioning the potential for breeding digital shoes to create shoe offspring whose origin would be tracked on a blockchain; building “Nikeland”, a virtual showroom on gaming platform Roblox where Nike fans can dress their avatars in virtual apparel; and filing trademarks and patents with the U.S. Patent and Trademark Office to have its logo used in virtual footwear, apparel, headwear and other products, the sportswear giant is continuing to expand its growth in the metaverse by acquiring virtual marketplace RTFKT.
Nike
Although the terms of the acquisition have not been disclosed, the acquisition marks Nike’s next step in its foray into the metaverse. Founded in 2020, RTFKT works with game engines, NFTs, blockchain authentication and augmented reality to create products that live at the nexus between fashion and gaming.
Nike President and CEO John Donahoe revealed in a statement that “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. We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”
Since launching RTFKT in 2019, cofounders Benoit Pagotto, Chris Le and Steven Vasilev grew it as a creator led organisation which uses the latest in gaming, NFT, blockchain authentication and augmented reality to create one of a kind digital sneakers and artefacts with cutting edge of technology. It made headlines when it reportedly raised $9.5 million — including an $8 million seed round with participation by Andreessen Horowitz that valued the company at $33.3 million.
This acquisition comes at a favourable time for the virtual studio; RTFKT has been in the news for one of the most talked-about NFT project drops in recent times, CloneX, an avatar partnership with celebrated artist Takashi Murakami. Since its initial drop, the project has reportedly seen $65 million in transaction volume, per crypto tracker CryptoSlam. Why Nike? In a formal statement, Benoit Pagotto, said, “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.”
Jasmeen Dugal is a senior writer and author for FashionABC where she is responsible for writing stories that cover the fashion industry as a whole, from fashion events to innovative brands that are transforming the industry through the use of the metaverse, sustainability, and new digital solutions. She is also very active on Instagram with more than 92k followers.
Before joining FashionABC, Jasmeen worked with Condenast India as Digital Editor, and she was instrumental in launching Vogue India’s official website. Her experience in the industry spans over a decade, during which time she has gained invaluable insights into the workings of the fashion world.
Four years ago, Jasmeen embarked on a new adventure and launched her own luxury portal, where she continues to focus on telling the stories of the people behind the brands. Her unique approach to editorial has helped her stand out in the industry, and her work is highly regarded by her peers.
Jasmeen is also an active social media user and can be followed on Twitter at @jasmeenGdugal and Instagram at @jasmeengdugal. Her social media presence showcases her expertise in the industry and provides her followers with valuable insights into the latest trends and developments in the world of fashion.
