Nike Acquires NFT Collectibles Studio As It Accelerates Metaverse Dream

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Nike has gained momentum in its bet on the metaverse by acquiring virtual sneaker startup RTFKT which creates NFT collectibles. The sportswear brand and RTFTK posted an article about the acquisition on their social media on December 14. While the terms of the deal are not being disclosed, Nike President and CEO John Donahoe said in a statement that the acquisition will accelerate the brand’s digital transformation and enable it to serve athletes and creators at the intersection of sport, creativity, play and culture.

“We are recruiting a very talented team of designers with an authentic and connected brand. Our plan is to invest in the RTFKT brand, to serve and grow their innovative and creative community and to expand Nike’s digital footprint and capabilities, ”he added.

Meanwhile, RTFTK said on her social media that Nike is the only brand in the world that she has always admired and took inspiration from when starting RTFKT. “We will continue to evolve our brand, our innovations, our products and our community with the resources and talents of Nike,” added RTFKT.

Established in 2020, RTFKT was founded by Benoit Pagotto, Chris Le and Steven Vasilev and aims to “redefine the boundaries of physical and digital value” to serve its large community of creators. RTFKT uses the latest game engines, NFT, blockchain authentication and augmented reality to create unique virtual products and experiences for its fans.

Nike began laying the foundations for the metaverse last month, when it filed for several new brands, including “Nike” and its iconic slogan “Just Do It” on October 27. A day later, he did the same for the “Jordan” brand as well as the Air Jordan and Jumpman logos. In the app, Nike said the marks would be used for “downloadable virtual goods” and “entertainment services”. These include computer programs containing non-downloadable footwear, clothing, headgear, eyewear, as well as virtual footwear, clothing, headwear and sports equipment.

Nike was also recruiting virtual material designers to create and visualize innovative virtual material concepts using 3D tools. According to the scope of the position on the Nike website, the position is part of the Digital Product Creation Group, a team that focuses on spearheading the digital and virtual revolution at Nike.

Meanwhile, on the electronics front, Intel also unveiled its public strategy to tap into the metaverse – software that will allow laptops to harness the existing and unused computing power of other devices, including chips from competing brands. As the metaverse continues to grow, devices are expected to experience a necessary spike in computing power, Intel said at the RealTime Metaverse Technologies conference on December 13.

According to to Reuters, Intel chose to create software that would solve technical challenges for users, as opposed to companies such as Nvidia, which makes chips and software used to build the virtual world, and Qualcomm, which makes chips used in virtual reality headsets. Intel also added that the software is not designed just to generate revenue, so it will also be compatible with chips from Intel’s competitors; Reuters reported.

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