The metaverse is going major. While Nike has dabbled in blockchain technology and digital worlds, and primary athletic-wear competitor Adidas has been more aggressive in the space as of late, the leading apparel brand is putting their foot on the gas. This week, Nike has made it’s most aggressive blockchain move yet, announcing their acquisition of digital collectibles platform RTFKT.
Nikes On My Feet Make My Metaverse Complete
Nike has been a relatively quiet brand around crypto in recent years. In 2019, the brand filed a trademark and service application with the United States Patent and Trademark Office. However, over the course of the past two years, little has been seen from Nike in the space.
That all changed in recent hours given Nike’s latest press release. The acquisition of RTFKT looks to expose the brand in a digital way that has been largely untapped by the swoosh thus far.
“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,” said Nike CEO and President John Donahue.
Adidas: *buys Ape*
Nike: “hold my beer” *buys RTFKT*— Farokh.ethᵍᵐ (@farokh) December 13, 2021
The race to maintaining relevance in the digital world is becoming increasingly competitive. Brands are facing rising pressures to at least stay present with regards to happening in crypto and blockchain communities, and while not all reception in the space has been well-received, crypto-endemic firms that are entering the space in an authentic way have by and large made their way with limited pitfalls.
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Nike has been enduring it's fair share of a broader market slide in the NYSE recently. Will the company's new endeavors in blockchain technology help spark a turnaround? | Source: NYSE: NIKE on TradingView.com
RTFKT Under Fire?
Streetwear, fashion, and NFTs have been finding their lane as of late. And while the acquisition likely spurs a new level of engagement for the brand, it’s not always sunshine and rainbows. The acquisition comes on the heels of spurred criticism from RTFKT regarding terms of service conditions that seem mis-aligned from the values exhibited 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
There has also been criticism in the NFT community around RTFKT’s collaboration with Murakami, where only 9 of the 16 NFTs are going to the public – with the remaining 7 going to RTFKT creators.
Like it or not, particularly as big players enter the space, the metaverse will not be addressed equally. Terms of the acquisition have not been disclosed.
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Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.