NFTs with an iconic Swoosh? Sneakers for your avatar? Nike officially embraces the metaverse as a revenue channel by acquiring RTFKT, a virtual fashion platform and sneaker brand that combines culture and gaming.

John Donahoe, President & CEO of NIKE, Inc., says that the acquisition “is another step in Nike’s digital transformation” and will allow them to serve creators and athletes at the intersection between sport, creativity, and culture. We plan to invest in RTFKT, grow and serve their creative and innovative community, and expand Nike’s digital capabilities.

RTFKT was founded in 2020 by Benoit Pagotto and Chris Le. It is an innovative brand that redefines physical and digital value to help their wide community of creators. The dedicated team uses the most recent in game engines, NFTs and blockchain authentication to create unique virtual products and experiences.

Benoit Pagotto (one of RTFKT’s founders) says that this is an exceptional opportunity to build RTFKT and is excited to use Nike’s foundational strength to help build the communities he loves. “Nike is the world’s only brand that shares our deep passion for innovation, creativity, and community. We are excited to expand our brand, which was formed in the metaverse.

The terms of the deal are not known.

Image: Nike