NIKE, Inc. announced today that it has acquired RTFKT, a prominent brand that uses innovation for creating next-generation collectibles combining culture with gaming.
This purchase accelerates the digital transformation of Nike allowing serving creators and athletes at the nexus of sport, gaming, creativity, and culture. President and CEO John Donahoe said that they are the most authentic brand and recruiting a really skilled team of artists. The strategy is to invest in the RTFKT brand, service and build the RTFKT community, and expand Nike’s digital reach and capabilities.
RTFKT is one of the innovative brands redefining all boundaries of digital and physical value helping to serve its wider community. Benoit Pagotto founded the company in 2020, along with Chris Le, and Steven Vasilev. To build unique virtual products, the devoted team uses modern gaming engines, Blockchain authentication, NFTs, and AR.
Benoit Pagotto, says, this is an once-in-a-lifetime chance to expand the RTFKT brand, and they are pleased to benefit from Nike’s underlying strength and knowledge to build actual community as per them. Nike is the only company in the world that shares our profound love for innovation, community, and creativity. They are delighted to continue to expand our Metaverse-born brand.
The acquisition’s terms are not disclosed. In May, the business secured an $8 million seed round headed by Andreessen Horowitz, valuing it at $33.3 million.
About Nike, Inc.
NIKE, Inc., headquartered in Beaverton, Oregon, is one of the leading creator, distributor, and marketer of original athletic footwear, equipment, apparel, and accessories designing for a variety of sports and fitness use. Converse is a fully owned subsidiary of Nike, Inc. that creates, develops, and distributes athletic lifestyle clothing, footwear, and accessories.
RTFKT is now working on one of the most talked-about NFT projects of the month, CloneX, massive avatar collaboration with artist Takashi Murakami. The project has already experienced approximately $65 million in transaction traffic since its initial drop less than three weeks ago.