RTFKT

RTFKT is a company that specializes in creating virtual sneakers and collectibles, combining the realities of fashion and games.

History

2021: Nike bought RTFKT

In mid-December 2021, Nike announced the acquisition of RTFKT, an NFT studio specializing in creating collectible items for metaverse. The terms of the deal are not disclosed, Nike expects that the agreement will accelerate the digital transformation of the company.

In early May 2021, RTFKT raised $8 million in a sowing round led by venture capital firm Andreessen Horowitz. Funding was also provided by Galaxy Digital, Ledger, Dapper Labs CEO Roham Garegozlow and others. RTFKT studio gained popularity after the creation of a digital collection of sports snickers, sports shoes. RTFKT co-founder Chris Lee noted that Nike has always been a source of inspiration for the RTFKT team.

Nike acquired RTFKT

This purchase is another step that accelerates Nike's digital transformation and allows you to serve athletes and authors at the intersection of sports, creativity, games and culture. This transaction will help our company in digital transformation and transition to the next level of business. The company plans to invest further in RTFKT projects, as well as expand its presence in metaverse, said Nike Chief Executive Officer John Donahoe.

Initially, RTFKT created skins for various video games. Later, the brand turned into an independent company that makes items for metaverse using blockchain, game engines, non-replaceable token (NFT) and augmented reality. On the company's website, visitors are immediately invited to link their Metamask wallets, which is one of the ways in which NFT owners can confirm their purchases. It is assumed that over time, users will play games or enter other types of VR spaces where their items can materialize after these spaces read the blockchain to determine which items belong to the user.

Nike placed the lightning-style RTFKT logo next to its own cult signs Swoosh, Jumpman and Converse. These brands have decades of history built on the support of high-level athletes, distinctive design and grassroots culture that really exists in the real world.^[1]

Notes