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Athletic Shoe Giant Nike steps into the NFT World

3 Mins read


With its recent purchase of virtual shoe company RTFKT, the American multinational footwear and sports apparel giant Nike seems to be getting all ready to step into the metaverse and the world of non-fungible token (NFT) technology.

The footwear corporation has been seeking to cement its position in the NFT world for quite some time, “going all in on its metaverse play”, according to Business Insider Senior Correspondent, Matthew Kish.

Nike already owns several well-recognized trademarks, including its signature tagline – Just Do It, its SNKRS logo and the Nike Swoosh, to name a few. All these can be easily leveraged as potentially iconic “downloadable virtual goods”, which can be used as NFTs.

The buzz in the metaverse has already put a few things in line, associating the multi-million-dollar brand with the culture of NFT buying. People have compared buying NFTs to “flex” on people in the metaverse to collecting sneakers for the same purpose. Perhaps this is one of the ignition points for the athletic shoe giant to assume its literal version.

With NFTs having singularly assumed one of the biggest names in the crypto sphere today, it goes without saying that many more giant brands will steer their wheels towards the trend.

Nike NFTs – What We Know So Far

With the conversation about NFTs never seeming to end, the latest trend having become to collect them just like collecting art, some of the biggest names in the art, music and games industries have already stepped in to create NFTs and sell them online. The latest talking point is that of popular shoe brand Nike joining the bandwagon by acquiring NFT fashion and collectible start-up RTFKT Studios. But that’s not all.

Nike Purchases RTFKT Virtual Shoes

In a recent press release by RTFKT, the company revealed that it had been acquired by Nike. Co-Founder of RTFKT Studios Benoit Pagotto wrote on LinkedIn, “RTFKT is now a part of Nike. Since we started, we always looked up to Nike with the goal to create the Nike born on metaverse. 2 years later, a new chapter begins, proof that with passion, hard work and the best people, you can achieve anything. Can’t wait for 2022.”

The digital goods startup had already created quite the buzz recently when it presented the hybrid NFT/physical shoe collectibles inspired by the legendary CryptoPunks NFT collection. Acquiring this innovative and unique startup has sort of boosted an unprecedented digital transformation in the footwear segment for Nike, while also paving the way forward for its seemingly long stance in the world of blockchain technology.

Nike has already stated officially that they are looking forward to investing in RTFKT studios with the aim to boost its creative community, while also extending their own digital footprint. It wouldn’t be an exaggeration to state here that Nike has caught the NFT fever, and a few other co-developments are hinting at the same.

Nike’s Trademark Applications Fuelling its Entry to the Metaverse

Insiders from Nike have revealed that the metaverse is now a priority for the worldwide popular brand, and therefore customers can expect to see more virtual rollouts in the near future with Nike gradually steadying its position in the crypto sphere. The concept of NFTs as an investment has already garnered quite the attention among individuals and brands alike, but Nike seems to be ready to take the next plunge with its recent moves.

The Oregon-based apparel giant is reported to have filed for several new trademark applications in the last two months alone, thus protecting its tagline and various logos in this new digital era. At the same time, the brand has plans to staff up in the crypto-NFT space, with recent postings for roles such as “virtual material designer of footwear”, besides an array of virtual design jobs, “focussing on igniting the digital and virtual revolution at Nike”, according to the listing itself.

In April 2019, Nike had filed a patent for “Cryptokicks”, but they are still waiting on it. Nike plans on using this as their signature NFT, thus tokenizing shoe ownership on Ethereum. The blockchain-compatible sneakers will also come with tracking features to verify authenticity using the blockchain-based system. Customers who purchase “Cryptokicks” will receive digital assets attached to unique identifiers of the shoes, which will also help enhance production effectiveness.

There Seems a Lot More in Store Ahead – Nike NFTs 

With NFTs already having assumed such a rich stance, and a retail giant like Nike stepping in to expand the hype, it is obvious that the NFT world is set to grow by miles ahead. Though there’s been no mention of a “cryptokicks” launch yet by Nike, but their gradual steps such as purchase of RTKFT studios are proof of the fact that Nike is planning for the long run.

If all this buzz has ignited your curious little brain cells and you feel eager to know more about NFTs, this is the perfect place to be! Starting right from how to buy NFTs to the best NFT stocks and NFT wallets, we have covered it all for inquisitive investors like you. Head over to expert answers or dive into the latest industry buzz and get to know NFTs and the crypto world in much better detail.

 



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