Nike just brought a virtual shoe company that makes NFTs and sneakers

Highlights :
  • What’s a metaverse ecosystem?
  • Nike announced the acquisition of RTFKT Studios
  • Opened a virtual showroom “Nikeland”
What’s a metaverse ecosystem?

It is very hard to exactly define the metaverse ecosystem, but we do our best to the metaverse universe.A metaverse is simply a wide expanse of digital space where users can interact with each other in real-time and get similar experiences to what they experience in the real world, and in most cases even more.
This definition of the metaverse highlights a crucial point – the fact that it is a wide expanse of a digital realm that can be said to be continuing the realm of the “real world”. The only reason why we put the real world in double-quotes is that it is conceptually hard to distinguish between what the metaverse is and what the “non-metaverse” is. This is where its core features come in.

Nike announced the acquisition of RTFKT Studios on this Monday. “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,” John Donahoe, Nike’s CEO and President announced in a presser.
RTFKT was founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev and makes digital collectibles, or in other words – nun-fungible tokens (NFTs).

 

RTFKT claims that in February, a collaboration with teenage artist FEWOCiOUS to sell real sneakers paired with virtual ones managed to sell some 600 pairs/NFTs in just six minutes, netting over $3.1 million at the time. This was around the same early spring period when most of us were hearing about NFTs for the first time, as Grimes sold some $6 million worth of digital artwork on March 1st. It’s not clear if any of these digital items are worth as much now; looking at OpenSea and Nifty Gateway right now, I see a number of them are either listed for or have recently sold for less than their original prices.

While announcing the deal — without revealing how much it spent — Nike positioned RTFKT’s lightning bolt-style logo alongside its own iconic swoosh, Jumpman, and Converse marks. Those brands have decades of history, built on high-level athletic endorsements, distinctive designs, and a grassroots culture that actually exists in the real world. RTFKT, meanwhile, was founded in January 2020. It says that “the human development in consciousness has accelerated faster than anticipated. We are here to accelerate our digital future now.”

Source: The Verge

Shashank Tiwari

Shashank Tiwari is a writer from India and the Tech Explained editor. In his free time he dabbles in fiction, photography, and game development.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments