NIKE announced the acquisition of RTFKT, a leading brand that leverages cutting edge innovation to deliver collectibles that merge culture and gaming.
“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,” says John Donahoe, President and CEO of NIKE.
“We’re acquiring a very talented team of creators with an authentic and connected brand. 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.”
Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT is a pioneering and innovative brand that redefines the boundaries of physical and digital value to serve their broad community of creators. This dedicated team leverages the latest in game engines, NFTs, blockchain authentication and augmented reality to create one of a kind virtual products and experiences.
“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,” says Benoit Pagotto, one of RTFKT’s co-founders.
“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.”
Earlier this month, Adidas announced a partnership with NFT project Bored Apes Yacht Club.
The terms of the deal will not be disclosed. The startup had raised an $8 million seed round back in May led by Andreessen Horowitz that valued the company at $33.3 million.
About RTFKT
RTFKT Studio designed luxury retail stores, made iconic esports moments, created logos for hip hop artists, directed movies and music videos, sold millions of CSGO and Dota skins, grew online communities to millions, disrupted fashion industries and created sneakers for legends.
In January 2020, RTFKT decided to marry its geek passions and professional expertise to build the future of fashion and collectibles — one born from gaming and crypto culture. RTFKT Studios is best known for its Metaverse-ready sneakers and collectibles, which includes its latest sneaker collaboration with an 18-year-old artist Fewocious, which led to $3 million of sales in under seven minutes of the announcement.
RTFKT is born on the blockchain to ensure authenticity, ownership and grant access to new experiences. It believes that blockchain technology has the potential to empower creators to lead, collaborate and create with no limits. NFTs are a transformative medium that is going to develop a new paradigm between creativity and commerce.
