Nike Acquires RTFKT: A Step into the Metaverse

Nike Expands into the NFT Space with RTFKT Acquisition

Nike is significantly increasing its involvement in the realm of crypto collectibles through the acquisition of the NFT studio RTFKT (pronounced “artifact”).

RTFKT's Recent Success

This acquisition arrives at a particularly advantageous moment for RTFKT. The studio is currently responsible for CloneX, a highly discussed NFT project developed in collaboration with artist Takashi Murakami.

Since its launch less than three weeks ago, CloneX has generated almost $65 million in transaction volume, as reported by the cryptocurrency tracking platform CryptoSlam.

Financial Details of the Deal

The specific financial terms of the acquisition have not been publicly revealed.

Previously, RTFKT secured an $8 million seed funding round in May, spearheaded by Andreessen Horowitz, which established the company’s valuation at $33.3 million.

Statements from RTFKT

“We view this as an exceptional chance to nurture the RTFKT brand,” stated RTFKT co-founder Benoit Pagotto. “We are eager to leverage Nike’s established resources and knowledge to further develop the communities we serve.”

Industry Trends: Adidas and NFTs

The move by Nike follows a similar initiative by Adidas, which recently announced a collaboration with the Bored Apes Yacht Club NFT project earlier in the month.

RTFKT’s Collaborative Approach

Beyond its independent NFT releases, RTFKT has engaged in partnerships with various crypto artists.

These collaborations have resulted in the creation of physical products, such as shoes, incorporating artwork from prominent NFT collections like CryptoPunks and Bored Apes.