Nike makes further metaverse moves with digital fashion house acquisition

The move marks the sportswear giant’s most significant shift into the metaverse, following the creation of the Nikeland virtual world on gaming platform Roblox last month.

RTFKT (pronounced artifact) is best known for creating virtual sneakers and has become a leading innovator since its launch in January 2020.

The start-up has created limited-edition collections with artists such as Takashi Murakami and Jeff Staple as well as car manufacturer Lexus.

RTFKT raised an $8m (£6m) seed round in May 2021, led by venture capital firm Andreessen Horowitz, which valued the company at $33.3m (£25.2m).

Nike chief executive John Donahoe said: “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.” 

RTFKT co-founder Benoit Pagotto added: “This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love.

“Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand, which was fully formed in the metaverse.”