This Monday Nike Inc (NYSE: ) has announced it purchased RTFKT for an undisclosed sum. RTFKT is a virtual shoe company. This sportswear company is rapidly expanding its presence in the quickly-rising metaverse.

Several major companies are joining the metaverse battle. Last month, Nike became one of the first global brands to jump on the virtual world bandwagon following Facebook’s rebranding to Meta Platforms Inc. And earlier this month Adidas (OTC:) joined Nike in its wear-to-earn metaverse model.

Benoit Pagotto and Chris Le founded RTFKT in 2020. To create virtual products or experiences, the studio’s innovative design uses game engines, blockchain authentication and NFTs.

In less than 10 minutes, RTFKT and a young Seattle artist collaborated to create NFT sneakers.

Commenting on the acquisition, Nike’s chief executive officer John Donahoe said:

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 […] 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.

Meanwhile, Benoit Pagotto, one of RTFKT’s co-founders, explained:

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. 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.

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