We already know that Nike acquired RTFKT. Nike did not disclose the terms of the deal. But we know RTFKT’s track record in the NFT space, so we agree that this buyout reflects part of Nike’s strategic push towards the Metaverse.
RTFKT co-founder, Benoit Pagotto, commented on this acquisition. He said both firms share commonalities in innovation, creativity, and community. Pagotto added that the move would see RTFKT expand its Metaverse operations.
An overview of RTFKT
RTKFT was founded in January 2020 by friends Benoit Pagotto, Chris Le, and Steven Vasilev. However, their collective vision was to create next-generation Metaverse designs.
RTFKT uses the latest in game engines. NFT , blockchain authentication and augmented reality, combined with manufacturing expertise to create one of a kind sneakers and digital artifacts.
The firm also bridges the physical world in what they call “forging.” This involves certain NFTs being created into physical items that the NFT owner can redeem and own in the real world.
What is Nike’s vision for the Metaverse?
Admittedly, the technology isn’t there yet to the extent depicted in films such as Ready Player One. But futurists say the technology is converging to get to that point, with 2022 set to be a defining period in making that happen.
According to The Verge, Nike execs are buying into the idea that, in the future, Metaverse users will play games or enter virtual spaces where their NFT items will materialize after ownership rights (connected to a wallet) have been verified.