Nike makes a key Metaverse move following NFT’s acquisition of collectibles

Seen in mid-December Nike announce the acquisition of RTFKT Studios, which they describe as “a leading brand that uses cutting-edge innovations to deliver next-generation collectibles that combine culture and games.”

The sports equipment giant has not disclosed the terms of the contract. But given RTFKT’s record in NFT space, almost everyone agrees that this buyout reflects part of Nike’s strategic push towards Metaverse.

Commenting on the acquisition, RTFKT co-founder Benoit Pagotto said both companies share common characteristics in innovation, creativity and community. Pagotto added that with this move, RTFKT will expand its Metaverse operations.

“Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we are excited to develop our brand that is fully formed in the metaverse.”

Nike is no stranger to NFT

RTKFT founded by friends Benoit Pagotto, Chris Le and Steven Vasilev in January 2020. Their shared vision was to create the next generation of Metaverse designs.

“RTFKT uses the latest gaming engines, NFT, blockchain authentication and augmented reality, combined with manufacturing expertise to create unique sneakers and digital artifacts.”

The company also bridges the physical world in what they call “minting. ” This includes the creation of certain NFTs into physical items that the NFT owner can repurchase and own in the real world.

In 2019, Nike made waves with “Crypotkicks”Patent. Patent details show a system that links protected digital assets to physical products. It appears that this will be used to track ownership and authenticate.

Two years ago, the Metaverse connection was not so obvious. But, through this app, buying Cryptokicks pairs in the real world also means owning them in the virtual world – bridging both worlds to some degree.

“When a consumer buys the right pair of shoes, a digital display of the show can be generated, connected to the consumer and assigned a cryptographic token, with the digital shoe and the cryptographic token together representing CryptoKick.”

What is Nike’s vision for Metaverse?

Given that the Metaverse is widely covered, the term is rapidly spreading as a popular word to describe a futuristic virtual world.

Admittedly, technology is not yet there to the extent shown in films such as Ready for the first player. But futurists say technology is approaching to get to that point, s 2022 set as a decisive period in achieving this.

According to The Verge, Nike executives accept the idea that in the future, Metaverse users will play games or enter virtual spaces where their NFT items will materialize after a property rights check (wallet-related).

It follows that just as the right to brag about the latest Nike drops exists in the real world, so will the Metaverse.


CryptoSlate newsletter

It contains a summary of the most important daily stories in the world of cryptocurrencies, DeFi, NFT and more.

Take it edge in the cryptocurrency market

Access more crypto insights and context in each article as a paid member CryptoSlate Edge.

Chain analysis

Price snapshots

More context

Join now for $ 19 a month Explore all the benefits

Leave a Comment