Daily Management Review

Nike buys NFT sneakers manufacturer


US sportswear manufacturer Nike has acquired virtual sneakers and collectibles maker RTFKT, according to a company press release.

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"Nike, Inc. today announced the acquisition of RTFKT, a leading brand that uses cutting-edge innovation to create next-generation collectibles," the statement said. The amount of the deal was not disclosed.

RTFKT was founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev. The company uses blockchain as a technology to help keep track of user-owned 'things' in virtual worlds. Trademarks are put on downloadable virtual goods, namely computer programs depicting shoes, clothing, hats, eyewear, bags, sports bags, backpacks, sports equipment, art, toys and accessories for use online in virtual worlds.

"This deal is another move that pushes up Nike's transformation into digital," President and CEO of NIKE, Inc. John Donahoe, said.

source: bloomberg.com