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 on Monday.
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What metaverse did Nike invest in?
Nike says nearly 7 million people have visited its metaverse superplex, Nikeland, since the locale launched in November. Nikeland is built within Roblox, the online gaming platform that boasts nearly 50 million daily active users and has been making metaverse moves since…well, technically since its beginnings.
What did Nike do in the metaverse?
Nikeland is Nike’s purpose-built metaverse space that uses the Roblox platform to allow its fans to meet, socialize, take part in promotions and engage with a whole range of brand experiences.
How much has Nike spent on the metaverse?
More than $14 million has been spent on the digital kicks, with crypto holders spending between $10,500 and $12,500 for a pair. However, rare skins that can be bought for a minimum of $3,500 can be applied to the shoe to really enhance the value. One pair of virtual Nikes went for $186,000, the equivalent of 45 ether.
How is Nike entering the metaverse?
Nike, last month, initiated metaverse thinking into its retail operations with the purchase of RTFKT, a virtual sneaker company that focuses on fashion. This will enable Nike to produce samples without the expense of manufacturing physical samples of the sneaker.
Why did Nike buy RTFKT?
“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 and CEO John Donahoe said at the time.
When did Nike join the metaverse?
2022
The sports titan Nike has decided to inaugurate the global race for the metaverse with Nikeland, a virtual world that will double as e-commerce.
Which company makes shoes for metaverse?
According to Under Armour, each digital shoe can be worn in three pre-programmed gaming ecosystems (Gala Games, Decentraland, and Sandbox), making it the first functional metaverse shoe.
Does Nike use blockchain?
In December 2019, Nike was issued a patent for CryptoKicks, a blockchain-powered system in which digital assets can be paired with a physical product.
Which technology is used by Nike?
Nike Air technology uses “supergases” encased in urethane plastic to provide the cushioning. The make-up of the gas and the strength of the plastic as well as their placement within the shoe, gives great cushioning without losing performance.
What does the future hold for Nike?
In its most recent earnings report, on Sept. 23, the company lowered its fiscal 2022 outlook to account for longer transit times, labor shortages and prolonged production shutdowns in Vietnam. Nike shares are up 18% year to date, putting its market value at more than $265 billion.
How much did Nike spend on Rtfkt?
In December 2021, NIKE, Inc. acquired RTFKT for a sum thought to be in excess of $1 billion.
Does Nike Sell NFTs?
In April, Nike released its first collection of virtual sneakers, called Cryptokicks, which comprised 20,000 NFTs, including one designed by the artist Takashi Murakami that was bought by someone named AliSajwani for $134,000.
How do I invest in the metaverse?
To buy metaverse NFTs, you will need a digital wallet that’s compatible with NFTs. Then you will have to go to the platform of the metaverse you have selected to either bid on or buy outright the NFTs you want.
What crypto is Nike buying?
RTFKT
Nike announced today that it has acquired RTFKT, a virtual sneaker design company and a studio for non-fungible tokens. Nike Acquires RTFKT RTFKT was founded in 2020 to create virtual…
Does Nike have a crypto?
Nike and RTFKT released the Dunk Genesis CryptoKick non-fungible token earlier this year to a small number of shoppers. At auction, the shoe is now typically for selling between $4,000 and $9,500, although some pairs can fetch six figures, according to data from NFT marketplace OpenSea.
How much is RTFKT worth?
$33 million
RTFKT was recently valued at $33 million.
What did Nike just Buy?
The apparel giant just announced the acquisition of RTFKT Studios, which it calls “a leading brand that leverages cutting edge innovation to deliver next generation collectibles that merge culture and gaming.”
What shoe company did Nike buy?
Its first acquisition was the upscale footwear company Cole Haan in 1988, followed by the purchase of Bauer Hockey in 1994. In 2002, Nike bought surf apparel company Hurley International from founder Bob Hurley. In 2003, Nike paid US$309 million to acquire sneaker company Converse.
Can I buy CryptoKicks?
The shoes, called Nike Cryptokicks, are modelled after the Nike Dunk sneaker and mark the brand’s long-awaited entrance into digital clothing. The sneakers are available to people who own Rtfkt’s Mnlth, a mysterious digital box NFT that was airdropped, for free, to anyone who owned a Clone-X in February.
What is RTFKT NFT?
April 25, 2022. On Friday, digital fashion brand RTFKT Studios revealed Nike CryptoKicks, a new collection of customizable non-fungible token (NFT) sneakers. This was RTFKT’s first big sneaker release since Nike acquired it in December. A distinctive aspect of the collection is the shoe, the RTFKT Nike.