Nike continues push into metaverse with acquisition of RTFKT

Karthik Subramanian

Nike has continued its push into the metaverse as it announced that it has acquired the fashion and NFT startup RTFKT which is expected to help the company to build on its fashion appeal in the virtual world as well.

Metaverse is not new for Nike and neither is the crypto industry. It has thrown its weight behind the industry in 2019 itself when it had patented tokenized shoes and it has continued to file for several crypto and metaverse related patents over the last couple of years.

Nike Push Into Metaverse

Even last month, it had announced the launch of Nikeland which is a glimpse of what it envisions its metaverse to be. It is understood that it has already started building out a virtual world with the same design consciousness and emphasis as in the real world and its idea is to merge play and sport into a separate lifestyle.

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming, and culture,” Nike President John Donahoe said. “We’re acquiring a very talented team of creators with an authentic and connected brand. We plan to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

NFTs and Physical Collectibles

RTFKT has focussed on fashion and NFT and its products include an NFT and physical shoe collectible. This presents an interesting use case for the NFT world as the company pushes for the use of NFTs as collectibles by tying them up with fashion accessories in the real world. This is likely to be the point of interest for Nike as well as it would look to tie up items and NFTs in the virtual world with those in the real world as well.

It has also tried to replicate as much of its presence in the real world into the virtual world as well, including its headquarters as it continues to push on the metaverse and bet big on it. This is similar to the strategy that many of the big names, including Facebook seem to be taking as they strongly believe that the metaverse would be the next frontier and would help them to bring in a large userbase by uniting them within the metaverse.

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<