Nike has announced an acquisition in support of what the company calls its “digital transformation.”
RTFKT was founded in 2020 by three friends and is described as “a pioneering brand” but its sneaker designs are very different from what Nike currently offers.
That’s because RTFKT creates digital sneaker designs to be used in virtual reality environments.
According to its website, “RTFKT uses the latest in game engines, NFT, blockchain authentication and augmented reality.”
Combined with its “manufacturing expertise” the company creates one-of-a-kind sneakers and digital artifacts.
As reported by Business Insider, Stifel analyst Jim Duffy said the acquisition could "accelerate the long-anticipated launch of CryptoKicks," or Nike virtual sneakers.
Terms of the deal were not disclosed.
