Nike just bought a company that makes ‘virtual sneakers’ | TechTree.com

Nike just bought a company that makes ‘virtual sneakers’

Nike seeks to expand its digital footprint by plunging deeper into the world of crypto collectibles.

 

Nike Inc. has acquired a virtual collectibles company called RTKFT, a business that creates digital products like sneakers and uses blockchain technology to ensure authenticity. 

The financial terms of the deal have not been disclosed.

“This acquisition is another step that accelerates Nike’s digital transformation,” Chief Executive Officer John Donahoe has said. “Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

“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.

Nike has been plotting its digital future in recent months, with the intent of selling virtual merchandise.

Nike filed several trademarks with the U.S. Patent and Trademark Office in late October to secure its branding. 

According to the U.S. Patent and Trademark Office, Nike filed applications for “Nike”, “Just Do It”, its swoosh logo, and the “Air Jordan” and “Jumpman” logos.

In November, Nike debuted a virtual world called ‘Nikeland’ in partnership with video-game platform Roblox, where players can play games and outfit their characters in virtual Nike merchandise.

Virtual worlds/games are increasingly attracting investment from fashion brands, since the platforms give these brands the opportunity to connect with younger users and build awareness for their products.


TAGS: Nike

 
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