Sneaker News

Nike acquires NFT Collectibles brand RTFKT

December 26, 2021 9:00 AM
Nike acquires NFT Collectibles brand RTFKT

Nike has acquired NFT Collectibles brand RTFKT. NFT is short for Non-fungible token and is known for its online artworks. RTFKT has been creating online artworks such as sneakers and collectible exclusives since 2020. Now the company joins Nike.

Virtual trainer company RTFKT

On 14 December, RTFKT (pronounced artifact) announced that they will be collaborating with Nike. Via an Instagram post, the company announced that they are part of the Nike team and will be creating NFT artworks with the help of the Nike team in the future.

RTFKT was founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev. Together they create visual (and sometimes physical) sneakers through NFT. NFT technology is everything that can be created online. It is a digital blockchain with information from the owner. By means of NFTs, artists can exhibit and sell their works of art.

In the past RTFKT has already worked with names like Jeff Staple, the Los Angeles Dodgers, and Takashi Murakami. Nowadays, NFTs are getting more and more attention and various artists are linking their works to Nun-fungible tokens. Nike also responds to this trend.

Nike and RTFKT

According to John Donahoe, president and CEO of Nike, the partnership with RFKT is a good fusion of gaming culture and sports. “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”, he says.

“We’re acquiring a very talented team of creators with an authentic and connected brand", tells Donahoe. "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.” The terms of the cooperation were not disclosed.

Nike RTFKT

Beniot Pagotto, Co-founder RTFKT, is also positive about the cooperation: “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,” he tells. “Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse.”

In the past, RTFKT has created several Nike-related visuals. What it will look like in the future remains to be seen.

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