Nike acquires the manufacturer of virtual sports shoes RTKFT as part of its mtavers project.

Nike Inc. announced on Monday that it had acquired the virtual sneaker company RTFKT for an undisclosed amount, with the sportswear glove quickly seeking to extend its mark in the rapidly growing “metavers”.

Last month, Nike became one of the first big brands to enter the shared virtual world that grew in importance after Facebook Inc recently rebranded itself as Meta Platforms Inc.

In these blockchain-based environments, users can purchase virtual land and other digital assets such as clothing for avatars in the form of a crypto asset called a non-fungible token (NFT).

Formed in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT also makes collectibles and even NFTs, according to its website.

« This acquisition is a new step that accelerates Nike’s digital transformation and allows us to serve athletes and designers at the intersection of sport, creativity, play and culture, » said John Donahoe, CEO of Nike, in a press release. (Report by Praveen Paramasivam Bengaluru)