What is RTFKT & why is Nike acquiring this company?

December 14, 2021 08:44 PM AEDT | By Raza Naqvi

What is RTFKT & why is Nike acquiring this company? — Image source: © Vectorstory | Megapixl.com

What is RTKFT?

Established in 2020 by Steven Vasilev, Chris Le, and Benoit Pagotto, RTFKT makes non-fungible token (NFT) virtual sneakers, memes, and collectables.

RTFKT crypto trends in Canada after Nike news

After the acquisition news, RTFKT released a statement on its website and according to Nike's chief executive officer (CEO) John Donahoe, this acquisition will accelerate the shoemaker's digital transformation and allow RTFKT to serve athletes and creators.

Also Read: Messi enters the NFT world. Worth a buy?

Benoit Pagotto, the co-founder of RTFKT, said that the company is set to benefit from Nike's expertise to build communities and its foundational strength. Mr Pogotto added that the shoemaker is the only brand in the world that focus on innovation, community and creativity.

Notably, RTFKT uses augmented reality, NFT, blockchain technology, and in-game engines to create distinctive virtual sneakers and digital artefacts.

Bottom line

Metaverse hype continues to expand rapidly across the world, and projects exploring this space are most likely to attract the attention of enthusiasts and investors.

In February this year, RTFKT reportedly sold real and virtual sneakers in partnership with a teenage artist named FEWOCiOUS. Notably, the company sold 600 pairs of virtual sneakers worth US$ 3.1 million in just six minutes.

NFTs have become one of the most popular digital assets and they represent the ownership of digital collectables like videos and images, among other things.

Also Read: Cricket NFTs now have an exclusive platform: What's in store for Rario?

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