The metaverse is exploding. While Nike has dabbled in blockchain technology and digital worlds in the past, and key athletic-wear competitor Adidas has been more aggressive in the field recently, the leading apparel company is stepping up. Nike made its most aggressive blockchain move yet this week, announcing the acquisition of digital collectibles platform RTFKT.
In recent years, Nike has been a rather silent brand in the crypto space. The brand applied for a trademark and service mark with the United States Patent and Trademark Office in 2019. However, Nike has seen little in the space over the last two years.
Thanks to Nike’s latest press release, all of that has altered in the last several hours. The acquisition of RTFKT aims to introduce the brand in a digital way that the swoosh has mainly ignored thus far.
“We’re bringing on board a really skilled team of creative with an authentic and connected brand.” Nike CEO and President John Donahue stated, “Our objective is to invest in the RTFKT brand, service and grow their inventive and creative community, and expand Nike’s digital footprint and capabilities.”
Adidas: *buys Ape*
Nike: “hold my beer” *buys RTFKT*— Farokh.ethᵍᵐ (@farokh) December 13, 2021
The fight to stay relevant in the digital world is growing more cutthroat. Brands are under increasing pressure to stay current with what is going on in the crypto and blockchain communities. While not all reaction in the field has been positive, crypto-endemic firms authentically entering the space have mostly avoided difficulties.
Streetwear, fashion, and NFTs have recently found their niche. And, while the acquisition is sure to increase brand engagement, it’s not all sunshine and rainbows. The acquisition comes on the heels of RTFKT’s criticism of terms of service conditions that appear to be misaligned with the values demonstrated in Web 3.0:
This is just pure idiocy from @RTFKTstudios
Boomer Web2 ideas being very poorly applied to Web3. I don't know who's advising these people but if you want to destroy your brand in Web3, this is a fabulous playboook…. pic.twitter.com/4N3hVl6nks
— batsoupyum (@batsoupyum) December 12, 2021
The NFT community has also criticized RTFKT’s collaboration with Murakami, in which only 9 of the 16 NFTs are available to the public — with the remaining seven going to RTFKT producers.
Whether you like it, the metaverse will not be addressed equitably, especially as major players enter the arena. The purchase price has not been disclosed.
