Nike acquires virtual collectibles company RTFKT for a greater presence in the metaverse

The sportswear giant is buying a business that creates digital products (ie: sneakers, etc.) and uses blockchain technology to ensure authenticity.

“This acquisition is another step to accelerate Nike’s digital transformation” said Chief Executive Officer John Donahoe in making the announcement. “ 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 ”.

In conjunction with Nike planning its digital future the company filed seven requests with the U.S. Patent and Trademark Office in late October to protect its marks in “downloadable virtual goods” and related services. Further, in November, Nikeland world debuted in the metaverse by partnering with video-game platform Roblox, where users can play games and outfit their characters in digital Nike items. 

Virtual worlds such as Roblox are increasingly attracting attention and investment from fashion and apparel brands, since the platforms give companies the opportunity to connect with younger users and create awareness for their products. 

March 15, 2022               CAIL Innovation commentary               905-940-9000              info@cail.com