Nike strives to expand digital presence

The US sports product giant hopes that its role in the metaverse will be boosted by the RTFKT acquisition.

A buzzword that has recently entered the public consciousness is ‘metaverse’, which has been defined as ‘a network of three-dimensional virtual worlds focused on social connection’. Judging this technology as a valuable business strategy, sporting goods giant Nike has acquired digital creator of virtual sneakers, collectibles and accessories RTFKT (pronounced ‘artefact’). Founded in 2020, RTFKT recently sold digital sneakers worth over USD 3 million in under seven minutes.

According to Nike president and CEO John Donahoe, this action helps to accelerate Nike’s digital transformation to serve at the intersection of sport, creativity, gaming and culture. “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,” he added.

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This article was originally published on page 3 of the January 2022 issue of SATRA Bulletin.

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