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Nike Acquires NFT Sneaker Collectibles Startup RTFKT

NFT platform RTFKT Studios, which integrates reality into fashion and games, announced on its official Twitter account on December 13 that it has been successfully acquired by sports brand giant Nike.

The specific terms of the transaction have not been announced to the public.

Founded in 2020, creator of virtual sneakers and collectables RTFKT is a platform that mainly focuses on creating virtual sneakers by using the latest game engine, NFT, blockchain authentication and augmented reality to create virtual products and experiences.

One of RTFKT’s flagship products is a hybrid NFT/physical footwear collection.

This is a big step for the Nike brand towards Metaverse. Nike was exploring blockchain technology and developing tokenized shoes as early as 2019.

The official statement released by the Nike team stated that it will expand Nike’s digital footprint and capabilities by investing in the RTFKT brand, serving and developing its innovation and creative communities.

Nike President and CEO John Donahoe said that:

“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.”

Benoit Pagotto, one of the co-founders of RTFKT, stated that Nike is a brand of innovation, creativity and community enthusiasm, adding:

“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.”

In addition to sports brands, as reported by Blockchain.News on December 10, The NFT space just got a new additional member, as beverage giant Pepsi announced would launch nearly 2,000 NFTs to celebrate the anniversary of the brand initiated by introducing “Pepsi Mic Drop “Which happens to be the Genesis NFT collection of Pepsi.

Nike Leads among Web2 Brands for Highest Revenue Reaped from NFTs

Fashion brand Nike has topped the list of Non-Fungible Token (NFT) exposed traditional companies that have recorded the highest revenue from digital collectable transactions thus far.

According to data from Dune Analytics, as shared by NFTGators, Nike has raised a cumulative sum of $185.26 million in revenue. The company introduced this figure from a total transaction count of 67,251.

About a year ago, fashion and entertainment brands started embracing NFTs as a new way to connect with their customers and fans worldwide. Many not only acquired blue chip NFTs like the CryptoPunks and Bored Ape Yacht Club (BAYC), quite a number of brands launched their own NFT collections, further showcasing the interest across the board.

The dive into NFTs now seems to be paying off for these brands as their venture has turned into productivity in no small measure. Per the Dune Analytics data, Dolce & Gabbana ranks second on the list of outfits with NFT exposures, with its revenue coming in at $25.65 million. Jewellery brands Tiffany, Gucci, and Adidas, make up the top five list of brands with high NFT revenues.

The majority of brands that have shown positive interest and commitment to NFTs have seen a remarkable return. This feat shows that Web3.0 is not entirely a waste of investment or interest. A very significant data in the Dune Analytics data is the exposition on the place of royalties earned on their respective NFT collections.

Nike has earned a total of $92.1 million on royalties, indicating that many secondary sales of the respect NFTs have taken place since the collection was launched. Of the top ten profiled brands, Tiffany, Budweiser, Bud Light, and the Pepsi Mic Drop have not recorded any transaction sales. This indicates that the NFTs are either yet to hit the secondary markets or collectors are HODL to sell much later.