How is Nike foraying into the Metaverse?

Shoe giant, Nike, is one of the earliest adopters of the emerging trend of designer shoe NFTs.

How is Nike foraying into the Metaverse?
Photo by Mathieu Chassara / Unsplash

Written by Kajal Iyer

With its acquisition of RTFKT, a company that makes high end designer sneaker NFTs, Nike has cemented its foray into the Metaverse. Speculation about the apparel giant’s entry into the digital token market has been around for a while. Last year, reports had emerged about Nike’s 2019 application for a patent for CryptoKicks – a venture where it aims to give a buyer of a physical pair of shoes, rights to its NFT as well. Going by this, it can very well be said that Nike was ahead of the curve in understanding the future marketability of NFT sneakers.

"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," CEO John Donahoe said in a statement, about the acquisition of RTFKT. But traditionalists may wonder, why would a shoe manufacturing giant want to invest in this virtual world?