Nike has acquired digital sneaker company RTFKT, a move that marks the shoe maker’s commitment to the metaverse world.
This isn’t the company’s first time foraying into the metaverse. Nike also recently teamed up with online gaming company Roblox to launch its own game called Nikeland.
Currently, Nike is creating much of their metaverse capabilities in-house. However, the acquisition will likely help expedite the process in creating digital collectibles.
According to PitchBook, RTFKT has raised $9.42 million since its launch in 2020. Last May, the company was valued at $33 million.
RTFKT has already made a name for itself in the time since its founding, including selling $3.1 million in digital sneakers within 7 minutes and collaborating with notable Japanese artist Takashi Murakami.
While Nike’s venture into the metaverse world will likely help set itself from the competition in the coming years, critics are still skeptical about the purpose of these digital sneakers.
“The company that does marketing better than any company in human history is about to start marketing things that no one needs and that have a (more or less) 100 percent profit margin,” Russ Bengtson, a sneaker journalist, wrote on Twitter.