Nike Tries on NFTs After Acquiring a Virtual Footwear Maker -Breaking
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Nike tries NFTs after acquiring a virtual footwear makerMitte Dezember Nike RTFKT has been acquired by the (NYSE:) company. This is a brand known for using digital innovation to produce online collectibles which combine gaming and culture. Nike’s latest move into the blockchain and cryptocurrency market is this acquisition of RTFKT.
“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,”
John Donahoe was the President and CEO at Nike.
“We’re acquiring a very talented team of creators with an authentic, connected brand, and extends Nike’s digital footprint and capabilities.”
RTFKT, founded by Benoit Pagotto (Chris Le) and Steven Vasilev in 2020, uses modern game engines, NFTs as well as blockchain authentication and augmented reality in order to make unique virtual experiences. RTFKT also creates physical products of digital NFTs during limited “forging events” for its community members.
Nike seems to be following a “fast-follow” strategy as other fashion brands are in a footrace to stake their digital claims in advance of mass adoption of the metaverse. Examples include Dolce & Gabbana, Jimmy Choo, and Adidas AG (DE:) which have already launched NFTs. In fact, the launch of Adidas’ “Into the Metaverse” NFT collection this month was an instant hit that generated sales of $23 million. When it comes to duplicating those kinds of NFT profits, Nike wants to “Just Do It.”
Last month, Nike announced its first major push into the metaverse with the creation of “Nikeland” on Roblox – an online gaming and game-making platform that allows anyone to create new games and anyone to play them.
At the moment, Nikeland allows users to play games like tag, dodgeball and floor is lava with their friends. The Nikeland Tool Kit allows creators to create their own mini-games using interactive sports materials.
Additionally, it’s a free virtual setting that allows users to sync real-world accelerometers in their mobile devices to transfer offline movement to online play as well as outfit Nikeland avatars with special Nike products. Nike is moving fast in order to stay ahead of the metaverse.
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