BLUF
There is money to be made in the metaverse—and lots of it—for those willing to invest in this virtual world.Summary
Showing that big business doesn’t want to miss out on an opportunity, Nike has taken another step into the metaverse by acquiring RTFKT Studios—a virtual sneaker and collectables start-up. The deal will likely signal to other clothing brands that the world of virtual fashion will heat-up in 2022. Key points:
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Founded in 2019, RTFKT has become increasingly popular with sneaker and Web3 enthusiasts.
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In February 2021, the start-up released several virtual sneaker designs and quickly made more than $3 million by selling more than 600 pairs that do not exist in the real world.
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In March 2021, RTFKT partnered with Atari on a limited edition Atari-themed virtual sneaker.
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And recently partnered with artist Takashi Murakami to sell 20,000 3D avatars.
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Nike’s CEO said the deal accelerated Nike’s digital transformation.
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In November 2021, Nike’s rival Adidas confirmed a new partnership with Coinbase and the crypto-enabled virtual platform The Sandbox.
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In a joint statement with Nike, RTFKT co-founder Benoit Pagotto said Nike was the only global brand that shared the ‘deep passion’ RTFKT had for innovation, creativity and community.
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