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Nike buys virtual sneaker maker RTFKT in metaverse push

Updated: Jan 30, 2022

"This acquisition is another step that accelerates Nike's digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture," Nike CEO John Donahoe said.

In December last year Nike Inc had bought virtual sneaker company RTFKT for an undisclosed sum, as the sportswear giant looks to quickly expand its footprint in the fast-growing "metaverse".

Nike has already opened "Nikeland", a virtual showroom on gaming platform Roblox, where visitors can dress their avatars in Nike clothes. Last month, Nike became one of the first big brands to enter the shared virtual world that gained prominence after Facebook Inc recently rebranded itself to Meta Platforms Inc. In such blockchain-based environments, users can buy virtual land and other digital assets such as clothing for avatars in the form of a crypto asset called a non-fungible token (NFT). NFTs have generated huge interest over the past year, with enthusiasts predicting they will become a widespread form of ownership.

Skeptics say the concept is over-hyped, with some NFTs changing hands for hundreds of thousands or even millions of dollars.


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