The Magazine for Asian Investors
Nike announced yesterday its move into the metaverse. In a move, Nike acquired RTFKT Studios, a digital art studio focused on developing non-fungible tokens (NFTs) and sneaker-themed collectibles using the Ethereum blockchain.
In a press release, Nike chairman and CEO John Donahoe said:
“Our plan is to invest in RTFKT brand that provides digital product design and creation services. to expand Nike’s digital capabilities.”
With this acquisition, Nike is moving toward building a brand on the blockchain and the Metaverse, a digital product that combines innovative augmented reality. This expansion will be added to the current portfolio, which is filled with traditional branded products.
Previously, in November, the company behind “Just Do It” launched NIKELAND in partnership with Roblox. Nike has filed four applications for trademark registration for its digital goods with the U.S. Patent and Trademark Office. However, Nike is not the only footwear and apparel company in the metaverse.