Nike Acquires Virtual Sneaker Maker in Expanding Metaverse Push

Nike Inc. is acquiring a virtual collectibles company as it dives further into the metaverse.

The sportswear giant agreed to buy RTFKT, a business founded in 2020 that creates digital products like sneakers and uses blockchain technology to ensure authenticity, according to a statement on Monday. Financial terms of the deal were not disclosed.

“This acquisition is another step that accelerates Nike’s digital transformation,” Chief Executive Officer John Donahoe said in the statement. “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.”