- In February, RTFKT collaborated with FEWOCiOUS.
- People are shelling out large sums of money for virtual real estate.
As the hype surrounding the metaverse continues to grow, more companies are embracing the idea of digital counterparts. People are shelling out large sums of money for virtual real estate on metaverse platforms. Nike has announced that it has acquired RTFKT Studios, an Ethereum blockchain-based digital art studio specializing in sneaker-themed non-fungible tokens (NFTs).
Founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT produces digital collectibles. The digital startup has previously worked with Lexus, Takashi Murakami, Jeff Staple, and other well-known individuals and companies.
In February, RTFKT collaborated with FEWOCiOUS to sell actual sneakers and virtual shoes. Six hundred pairs (NFTs) totaling $3.1 million were sold in under six minutes. Nike was one of the first major sportswear companies to become involved with blockchain technology in 2019. Tokenized collectibles, such as shoes and other footwear, are now the focus of the company’s new research.
“Nike has always been our inspiration. This is the start of a new chapter in the RTFKT story.”
Buying RTKFT (pronounced as artifact), a digital fashion startup, is a big step forward for Nike in the NFT (non-fungible token) world. The move will lead to more virtual collectibles being made for the metaverse space. The acquisition’s terms have not been made public.