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Nike to Mint NFTs and Digital Sneakers With RTFKT Studios Purchase

Nike is stepping into the non-fungible token, or NFT world, with plans to mint digital sneakers for avatars in the metaverse.
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Nike  (NKE) - Get NIKE, Inc. Class B Report is stepping into the non-fungible token world with plans to produce digital shoes that you can see but not touch or wear.

The shoe and clothing behemoth on Tuesday revealed that it is branching out into the digital metaverse after purchasing RTFKT Studios, an outfit that makes NFTs and digital shoes for the metaverse. 

Nike did not disclose the terms of the deal with the company, which was founded in 2020.

“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,” said Nike CEO John Donahoe.

Earlier this year, RTFKT collaborated with a teenage artist to sell real sneakers that they then paired with virtual ones. The company says it managed to sell 600 pairs of the sneaker in just seven minutes, generating $3.1 million in the process. 

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Nike has been moving in a more digital direction in recent months. 

In November, the company created its own virtual reality world on the popular Roblox  (RBLX) - Get Roblox Corp. Class A Report video game platform called Nikeland

The site is free for now. Nikeland allows Nike fans to “connect, create, share experiences and compete,” Nike said. It “created this bespoke world with the backdrop of its world headquarters and inside Roblox’s immersive 3D space, building on its goal to turn sport and play into a lifestyle.”

Players can compete in numerous virtual games, such as tag and dodgeball. Players are rewarded with blue ribbons and gold medals for competing in yards, building their yard, exploring, and finding Easter eggs.

TheStreet.com's Sean Stechler says Roblox is the metaverse stock to own.