Nike Acquires Virtual Goods Company... Accelerating Metaverse Transition

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Nike is making its presence felt in the metaverse by acquiring a company that sells virtual world products, Bloomberg reported on the 13th (local time).

According to the report, Nike has agreed to acquire the startup 'RTFKT,' which sells digital products such as sneakers in the virtual world.

Specific contract terms, including the acquisition amount, were not disclosed.

John Donahoe, Nike's Chief Executive Officer (CEO), said in a statement that day, "This acquisition is another step to accelerate Nike's digital transformation," adding, "It enables us to serve athletes and creators at the intersection of sports, creativity, gaming, and culture."

Earlier in October, Nike applied for online trademark registration with the United States Patent and Trademark Office (USPTO) for seven trademarks, including its logo, 'Just Do It,' 'Air Jordan,' and 'Jumpman.'

Last month, Nike collaborated with the metaverse gaming platform Roblox to build 'Nikeland,' a virtual world. Customers can enjoy various games in Nikeland and customize their characters with digital Nike products.

Major foreign media reported that Nike is one of the major brands entering the emerging virtual world since Facebook changed its brand name to 'Meta Platforms.'