Market Analysis

Just did it: Nike enters the metaverse game following RTFKT acquisition

The new RTFKT acquisition confirms Nike’s interest in being a prominent contributor to the virtual world of the metaverse.

Sportswear manufacturer Nike announced the acquisition of virtual sneakers and collectibles brand RTFKT. Nike becomes the biggest U.S.-based athletic products manufacturer through this partnership to join the metaverse bandwagon. 

A Cointelegraph report from Nov. 02 highlighted Nike’s submission of requests for patenting the words — namesake, swoosh logo and just do it — for use online and in online virtual worlds.” The filing was accompanied by two new job postings for virtual material designers, signaling the company’s intent to enter the metaverse.

However, the new RTFKT acquisition confirms Nike’s interest in delving into the metaverse ecosystem:

According to Nike, acquiring RTFKT will help the company “deliver next-generation collectibles that merge culture and gaming.” John Donahoe, the president and CEO of Nike believes that the move helps accelerate Nike’s digital transformation efforts:

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As Cointelegraph pointed out, an article on the Adidas mobile app said:

“The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.”

Meta, who has also recently rebranded itself from Facebook, welcomed Adidas’ entry as it said “We can’t wait to see Adidas in the metaverse.”

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