Nike buys virtual sneaker maker RTFKT in Metaverse push

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    Nike Inc. said on Monday it had acquired virtual sneaker company RTFKT for an undisclosed sum as the sports giant seeks to expand its footprint in the fast-growing "metaverse.

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    Last month, Nike became one of the first big brands. that entered the popular virtual world after Facebook Inc. recently rebranded itself as Meta Platforms Inc.

    In such a blockchain-based environment Users can purchase virtual land and other digital assets such as clothing for avatars in the form of digital assets known as non-changeable tokens (NFTs).

    RTFKT was founded in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev. RTFKT also produces NFT collectibles and memes.This acquisition is another step that accelerates Nike's digital transformation