Nike buys RTKFT, a digital art studio

RTFKT is an eclectic, creator led design studio based in the United States. RTFKT uses the latest in-game engines, NFT, blockchain authentication and augmented reality, combined with manufacturing expertise to create one of a kind sneakers and digital artefacts. Yesterday, Nike announced it was acquiring RTFKT.

RTFKT collaborated with artist Takashi Murakami for their latest project, CloneX and already has $65 Million in transaction volume.

RTFKT is now a part of the NIKE, Inc. family. 🌐👁‍🗨 pic.twitter.com/5egNk9d8wA

— RTFKT Studios (@RTFKTstudios) December 13, 2021

Nike’s rival Adidas has been making strides already. It bought virtual land in the Sandbox and has purchased an NFT from the leading project, BoredApeYatchClub, for 46 ETH. The company is trying to extend its digital footprint, encourage innovation, and grow its creative community.

Nike previously launched a metaverse called NIKE LAND in collaboration with Roblox for a virtual world. Nike has also filed patents for virtual goods trademark in the US.

“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,” RTFKT co-founder Benoit Pagotto said in a statement.