Nike Acquires NFT and Fashion Startup RKFKT

Nike has pushed further into the NFT and metaverse as it announced the acquisition of a startup that is focussed on fashion and NFTs, RKFKT which is expected to help it in the journey into the metaverse.

Nike has been one of the first large companies to take a dip into the crypto industry and the direction that it chose to take has also been watched with keen interest by enthusiasts. Unlike other companies that have chosen to invest in specific cryptos and current trends in the market, Nike has focussed all its attention on a futuristic metaverse where it wants to continue to dominate the fashion accessory industry and tie it up with the real world so that the users would be able to experience the best of both worlds. This is the interesting approach that the company has chosen to take and like Facebook, the company believes that NFTs and the metaverse would dominate the landscape and it would be useful for the company in the long term.

“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,” Nike Chief Executive Officer John Donahoe said

Metaverse is the virtual world where Facebook, Nike, and other companies are looking to establish their presence by cornering the available spaces like fashion, real estate, financial transaction systems, etc. Though all this might sound a bit strange to many of the users right now, those who have been in the industry for long would know that this is likely to become the norm in the coming years and how the investments made into this space at this time is likely to yield dividends in the long run. RKFKT focuses on tying up NFTs with real-world shoes and other fashion collectibles and this is exactly the space that Nike would want to get into.

It would be interesting to see the different directions that the various large companies would be looking to take this into and the approach that they would be undertaking for their respective entry into the metaverse. So far, there has only been a trickle into this space but this is likely to grow in the coming months depending on the response to this new field from the users.