Nike acquires studio known for digital sneaker drops in latest Metaverse bet

Nike acquires studio known for digital sneaker drops in latest Metaverse bet

Nike has acquired RTFKT, a studio that creates visual collections and information, according to the announcement. The financial terms of the agreement were not disclosed.

Founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT – dubbed the “artifact” – develops technologies such as gaming engines, blockchain, Augmented Reality (AR) and non-affiliate tokens (NFTs). Visible sneakers have always been the focus of the product. February’s collaboration with digital designer Fewocious, which appears to be the inspiration for the Nike’s Air Force One model, sold for seven minutes and grossed $ 3.1 million in sales, according to The Wall Street Journal.

In a press statement, Nike President and CEO John Donahoe said the agreement helps strengthen the company’s digital transformation and efforts to focus on creators at the crossroads of sport, the arts and the culture of the game. Nike is making another bet on the long-term performance of the Metaverse that will require advertisers to integrate the elements of the digital and natural world.

Read More: Marketingdive

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