Nike also wants to bring you stylish footwear and digital apparel in the Metaverse. The sportswear manufacturer is now acquiring start-up RTFKT.
RTFKT describes itself as a design studio for digital fashion and collectibles. The startup was only founded in 2020, and now a quick exit with Nike as a prominent buyer is succeeding. The amount of acquisition is unknown.
The founders consider themselves part of the “Generation Metaverse”: “We grew up with Diablo, Half-Life, Runescape, and Minecraft, and we’ve seen DBZ, Evangelion, Akira, Star Wars, Magic, Yu-Gi-Oh, and Pokemon Collected Cards, swapped. On the cover by RTFKT as part of an $8 million US investment round in May 2021.
What do you want Nike with digital shoes?
RTFKT experiments with a full range of emerging digital technologies in the context of digital fashion and the metaverse, primarily blockchain, NFTs, and augmented reality. The startup has funded itself in particular by selling NFTs with trendy avatar accessories. The announcement of Nike’s acquisition alone has sent NFT prices up significantly since yesterday.
RTFKT is now part of the NIKE, Inc. family. 🌐👁🗨 pic.twitter.com/5egNk9d8wA
– RTFKT Studios (RTFKTstudios) December 13, 2021
“We are acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, nurture and grow its innovative and creative community, and expand Nike’s digital footprint and capabilities. The acquisition is part of his company’s digital transformation,” said John Donahoe, President and CEO of Nike. .
Digital Apparel Business Model – The Game Industry Already Knows It
The Nike acquisition makes sense in light of the Metaverse’s ongoing bets: If people actually move further into the digital realms of the future and identify with avatars or any other type of altered digital ego, an important market for digital clothing and accessories will also emerge.
With the acquisition of RTFKT, Nike now has a brand that establishes itself in this field and has access to a lot of practical knowledge about new technologies especially for fashion. Nike has already applied for a patent for its Metaverse universe, the “Nikeverse”.
Digital fashion is old hat of the game industry: Game studios have been selling skins, suits, or other accessories for game characters for years, some of which only serve a cosmetic function. According to their own statements, RKFT has already sold “millions of CSGO and Dota skins”.
In a potential metaverse for everyone, the potential sales market for digital fashion would be much larger than in the gaming environment. Especially when digital fashion becomes striking in reality, for example via augmented reality.
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