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Nike acquires NFT studio RTFKT for an undisclosed sum

Nike forays into the hyped NFT world with its latest acquisition of RTFKT, an NFT studio that deals with the world of crypto-collectables.

RTFKT (pronounced ‘artifact’) was launched in January 2020 by Benoit Pagotto, Chris Le and Steven Vasilev. It is known for some popular sneaker designs, memes and exclusive collectables.

“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,” says John Donahoe, President and CEO of Nike, Inc. “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.”

The terms of the deal haven’t been disclosed.

RTFKT raised an $8 million round earlier this year in May, led by Andreessen Horowitz, which valued the company at $33 million.

“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,” said Benoit Pagotto, co-founder of RTFKT’.

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