Earn up to 17% on Crypto
The sporting goods giant seeks to leverage the Metaverse design expertise of RTFKT to advance its own.
Photo by Martin Sanchez on Unsplash and Josh Riemer on Unsplash
Mid-December saw Nike announce the acquisition of RTFKT Studios, which they describe as “a leading brand that leverages cutting edge innovation to deliver next-generation collectibles that merge culture and gaming.”
The sporting goods giant did not disclose the terms of the deal. But given RTFKT’s track record in the NFT space, almost everyone agrees this buyout reflects part of Nike’s strategic push towards the Metaverse.
Commenting on the acquisition, RTFKT co-founder, Benoit Pagotto, said both firms share commonalities in innovation, creativity, and community. Pagotto added that the move would see RTFKT expand its Metaverse operations.
“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.”
RTKFT was founded in January 2020 by friends Benoit Pagotto, Chris Le, and Steven Vasilev. Their collective vision was to create next-generation Metaverse designs.
“RTFKT uses the latest in game engines, NFT , blockchain authentication and augmented reality, combined with manufacturing expertise to create one of a kind sneakers and digital artifacts.”
The firm also bridges the physical world in what they call “forging.” This involves certain NFTs being created into physical items that the NFT owner can redeem and own in the real world.
In 2019, Nike made waves with the “Crypotkicks” patent. The details of the patent show a system linking secured digital assets to physical products. Seemingly, this will be used to track ownership and verify authenticity.
Two years ago, the Metaverse link wasn’t so obvious. But, through this application, buying a pair of Cryptokicks in the real world means also owning them in the virtual world – thus bridging both worlds to a degree.
“When a consumer buys a genuine pair of shoes a digital representation of a show may be generated, linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a ‘CryptoKick.”
Given the mainstream coverage of the Metaverse, the term is fast gaining ground as a buzzword to describe a futuristic virtual world.
Admittedly, the technology isn’t there yet to the extent depicted in films such as Ready Player One. But futurists say the technology is converging to get to that point, with 2022 set to be a defining period in making that happen.
According to The Verge, Nike execs are buying into the idea that, in the future, Metaverse users will play games or enter virtual spaces where their NFT items will materialize after ownership rights (connected to a wallet) have been verified.
It follows that just as bragging rights on the latest Nike drops exist in the real world, so too will they exist in the Metaverse.
Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Access more insights in every article as a member of CryptoSlate Edge.
The recent price action has been pointing south for ether (ETH). However, there are strong indicators that many in the industry have strong conviction in the asset.
A recent report took a look under the Web3 hood–identifying the largest ecosystems based on developer activity.
A recent report uncovered who is the ‘crypto-fluencer’ with the biggest army of followers.
This is another captivating episode you don’t want to miss, in which Alex Fazel and Brian Rose discuss why crypto doesn’t only represent a technological breakthrough–but a paradigm shift as well.
Hongkong, Hongkong, 11th January, 2022, Chainwire — The Association of Radio Network (ARN) has been working in cooperation with the Heliumrent platform since 2021.
Got a story tip? Email [email protected]
© 2022 CryptoSlate. All rights reserved. Terms | Privacy
Earn up to 17% on Crypto