RTFKT Studios, a company known for creating virtual sneakers and other blockchain-based collectibles, has been acquired by Nike.
RTFKT (pronounced “artifact”) creates products that blend esports game engines, NFTs, blockchain authentication, and augmented reality. In February, the company stated, a collaboration with young crypto artist FEWOCiOUS to sell actual sneakers alongside digital equivalents sold 600 items in under seven minutes for a total of $3.1 million.
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In May, RTFKT, which was founded in 2020, announced a $8 million fundraising round led by Andreessen Horowitz and including VaynerFund. Following the debut of its digital campus on Roblox last month, Nike wants to use the acquisition to extend its digital footprint and visibility in the metaverse.
