Nike in the Metaworld

Nike (NKE) on Monday announced the purchase of RTFKT, a start-up that creates unique virtual products to "fuse the realities of fashion and gaming". Nike believes the RTFKT team will help dive deeper into the new 'meta-universe' market.

Nike (NKE) was the first apparel brand in the world to announce its plans to become the leading apparel brand in the meta universe. Nike has always used cutting-edge technology that has enabled it to increase sales worldwide and market value over the years.

"We are pleased to announce the launch of our new product," said John Joseph Donahoe, CEO of Nike. "This acquisition is another step in accelerating Nike's digital transformation."

RTFKT describes its activities as "creating a new generation of virtual trainers and collectibles for the Meta universe. Fusing the realities of fashion and gaming."

RTFKT is also developing its high-resolution digital avatar project CLONEX.

Footwear News notes that thanks to RTFKT's collaboration with 18-year-old artist Fewocious, the company has sold over $3 million worth of digital trainers in less than seven minutes.

Nike already has a virtual presence for its brand in games, an example being Nike LeBron 19 in Fortnite. At the beginning of the year, Nike filed about 7 applied for a trademark to create and sell virtual sneakers and clothing. Also, Nike, inc. partnered with video game platform Roblox to launch Nikeland, a digital world where Nike fans can play, chat, and then put virtual wear on their avatars through a digital showroom that includes products like the Nike Blazer and also Air Force 1.

Cryptokicks is digital shoe solution system that links physical shoes, a virtual version that might sell and replace, or store an Online blockchain. It is worth nothing that two years ago Nike, inc. patented Cryptokicks.

Shares in Nike (NKE), up almost 18% since the start of 2021 and 28% in the past six months, were down 1.3% on Monday.