Nike Acquires NFT Studio RTKFT To Enter The Metaverse
Source: Nike
Nike announced the acquisition of RTKFT, an NFT studio that specializes in digital collectibles, including virtual sneakers.
The acquisition marks the most significant move in Web3 by a major brand to date, making it an immediate player in a rapidly-evolving market.
Besides accelerating its digital transformation and serving "athletes and creators at the intersection of sport, creativity, gaming, and culture," Nike has not disclosed any specifics about what role RTKFT will play in its business, but it likely will be significant.
With the acquisition of RTKFT, Nike will be able to bridge the physical and digital worlds.
Below are some ways I think Nike will accomplish this:
Selling both physical and virtual apparel, including digital replicas of existing physical products and products only available in digital form
Collaborating with sponsored athletes to develop virtual signature product collections
Connecting NFTs with IRL and online perks, access, and experiences such as product drops
A leader in the apparel industry, Nike has the chance to mirror that success in the virtual world. By bringing RTKFT onboard, it gains access to creators that are skilled at creating NFTs and have experience cultivating these communities. As creators are usually the centerpiece of brands entering new spaces or industries authentically, this is especially important.
Similar to Facebook's name change to Meta, Nike's acquisition will drive more attention to the metaverse, which will further accelerate adoption. Household brands will be pushed into making significant investments in the space through acquisitions and launching their own divisions.
This combined with projections that global metaverse transactions will reach $42 billion dollars by 2026, suggests that many more brands, creators, and consumers will become involved over the next few years.
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