The acquisition is expected to be a major step towards Nike’s entry into the metaverse and unlock endless possibilities in the digital art and fashion industry.
On 13th December 2021, Nike announced that the leading footwear brand has acquired RTFKT. The latter is a widely popular metaverse fashion house renowned for its high-end digital clothing line. It began as an NFT sneaker drop, gradually expanding into a full line of a digital clothing brand. Since last year, RTFKT has employed a wide variety of advanced technologies such as crypto, blockchains, NFTs, and augmented reality to establish a one-of-a-kind digital clothing brand that uniquely blends the digital and physical worlds.
RTFKT came into the limelight after they partnered with Ready Player Me, the popular VR avatar platform to launch a line of limited-edition digital outfits emulating the brand’s most coveted creations. During the October drop, it became huge almost instantly as fans declared their avatars never looked cooler and better.
Following the roaring success, RTFKT continued to expand their offerings into the metaverse. Earlier in 2021, the brand launched its new line of Clone X NFTs, an exclusive digital fashion collection inspired by sci-fi, anime, and streetwear. As soon as the Nike acquisition was declared, floor prices for this Clone X NFTs skyrocketed almost immediately, making it the most traded collection on the platform exceeding blue chip NFT collections such as Bored Ape Yacht Club and CryptoPunks.
The latest offering from RTFKT was also a smashing hit. A limited-edition jersey made in collaboration with eSports team FaZeClan and partnership with UK-based fashion retail chain Harvey Nichols released at Art Basel, the collection garnered Clone X NFTS worth more than $20 million within the first hour as they were traded on OpenSea.
The acquisition will mark a significant step forward for the emerging metaverse, experts opined. John Donahoe, CEO and President of Nike also remarked that the acquisition will accelerate the digital transformation of the leading footwear and sports accessory brand by allowing the company to serve creators and athletes at the intersection of creativity, sports, gaming, and culture. Donahoe also stated that the company views this acquisition as joining forces with a talented team of creators from an authentic and well-known brand. Nike plans to invest in RTFKT, serve their creative and innovative community, and subsequently, expand the company’s digital footprints as well as capabilities.
Nike’s acquisition could also be a major push towards the mainstream adoption of digital fashion as well as crypto, NFTs, and immersive technology. For the company, it could mean entering a whole new market and finding new strategies to dominate it. Benoit Pagotto, Co-founder of RTFKT remarked that Nike is one of the leading brands in sports fashion and accessories. At the same time, they share the same enthusiasm and passion for creativity, innovation, and community that the people at RTFKT nurture. Together, they can establish a stronger foundation for digital fashion in the metaverse.
Take a look at Nike’s official statement to learn more about the acquisition.
