Nike Inc is acquiring a virtual collectibles company as it dives further into the metaverse.
The sportswear giant agreed to buy RTFKT, a business founded in 2020 that creates digital products like sneakers and uses blockchain technology to ensure authenticity, according to a statement. Financial terms of the deal were not disclosed.
“This acquisition is another step that accelerates Nike’s digital transformation,” Chief Executive Officer John Donahoe 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.”
Nike has been plotting its digital future in recent months. It filed seven requests with the
US Patent and Trademark Office in late October to protect its marks in “downloadable virtual goods” and related services.