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Nike to sell digital merchandise in the Metaverse

Nike Inc. American multinational sportswear company is making a grand entry into the metaverse world after buying virtual sneaker company RTFKT for an unknown fee on Monday.

Nike filed a patency application last month to prevent other companies from using its brand name, swoosh emblem, and the “just do it” slogan.

“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,” Nike Chief Executive Officer John Donahoe explained.

Newsbsc Nike
Hong Kong, Hong Kong – June 10, 2020 : People walk past the Nike Running store at Causeway Bay in Hong Kong.

Earlier this year, RTFKT who is also known for creating memes and NFT collectibles amassed $8 million in a funding series to take its valuation to $33 million.

RTFKT co-founder Benoit Pagotto had this to say: “This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,”

As part of the plans to explore the space and enjoy its offering, Nike is looking to employ virtual materials designers.

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