Nike enters the Metaverse
The company a couple of years ago patented a system to tokenize sneakers.
Approximately 11 years ago, Nike launched its now classic Nike Mag model, a shoe created for the production of Back to the Future II. And it is undoubtedly that the brand has been channeling all its merits of innovation to be updated on market trends. In 2019, the company patented a tokenized shoe as a non-fungible token (NFT) on the Ethereum blockchain, called CryptoKicks.
RTFKT, pronounced “artifact,” is a “very eclectic organization run by creators. RTFKT uses the latest in game engines, NFT, blockchain authentication and augmented reality, combined with manufacturing experience to create unique digital artifacts and shoes ”they explain on their website https://rtfkt.com. It started working at the beginning of the global COVID-19 pandemic. It was formed by three friends in January 2020. RTFKT was born in the metaverse , which is what impacts the most at the moment where it is already available.
Last December 13, NIKE Inc. announced the acquisition of RTFKT, obtaining the advantages in which the brand has already managed to innovate hand in hand with the avant-garde, to offer collectibles to a whole next generation focused on culture and games. To enter RTFKT it is necessary for the user to link their wallet or wallet Metamask , a type of virtual wallet in which NFT owners can manage their purchases.
"This acquisition is another step that accelerates Nike's digital transformation and enables us to serve athletes and creators at the intersection of sports, creativity, games and culture," says John Donahoe, president and CEO of NIKE, Inc. " We are acquiring a highly talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow its innovative and creative community, and expand Nike's digital footprint and capabilities ".
Founded in 2020, by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT is a pioneering and innovative brand that redefines the boundaries of physical and digital value to serve its broad community of creators. This dedicated team leverages the latest in game engines, NFT, blockchain authentication, and augmented reality to create unique virtual products and experiences.
"This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike's foundational strength and expertise to build the communities we love," explains company co-founder Benoit Pagotto. "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 grow our brand, which was fully formed in the metaverse" he adds.