Nike buys virtual sneakers makers RTFKT

Nike has announced that it has purchased RTFKT, a company that specializes in next generation collectibles.

"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," said Nike's CEO John Donahoe in a press release.

"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."

RTFKT was founded in 2020 and is a, "pioneering and innovative brand that redefines the boundaries of physical and digital value to serve their broad community of creators."

The company has a dedicated team that Nike says utilizes the latest in game engines, NFTs, blockchain and augmented reality, to create new products and experiences.

"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," says Benoit Pagotto, one of RTFKT's co-founders.

"Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we're excited to grow our brand which was fully formed in the metaverse," he added.