Nike Buying Company Which Makes Blockchain-Based Virtual Sneakers

The apparel giant Nike just announced the acquisition of RTFKT Studios, which it calls “a leading brand that leverages cutting edge innovation to deliver next generation collectibles that merge culture and gaming,” as reported by TheVerge.com.

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 USD 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 USD 6 million worth of digital artwork on March 1. It’s not clear if any of these digital items are worth as much now.

– Looking at OpenSea and Nifty Gateway… a number of them are either listed for or have recently sold for less than their original prices – writes TheVerge.com.

The portal adds that this is the kind of vision that Nike is buying into, crediting the company’s founder Benoit Pagotto, Chris Le, and Steven Vasilev with leveraging “the latest in game engines, NFTs, blockchain authentication and augmented reality to create one of a kind virtual products and experiences.”

Nike

RTFKT Studios

Grimes

OpenSea

Nifty Gateway

Benoit Pagotto

Chris Le

Steven Vasilev

digital collector items

FEWOCiOUS

sneakers

sale of sneakers

NFT

digital artworks

blockchain

augmented reality

virtual products