Nike has acquired RTKFT, a virtual sneaker manufacturer that Nike bought to make crypto-kicks. 

Nike, Inc. has not disclosed the purchase price, however RTFKT’s brand reputation as a high-end brand that sells for premium prices, including some virtual sneakers that can fetch up to 10,000 per pair, indicates the potential lucrative nature of the deal.

‘RTFKT is now a part of the NIKE, Inc. family,’ RTKFT – pronounced ‘artifact’ – tweeted Monday.  

According to Nike chief executive John Donahoe, the acquisition is to advance the company’s ‘digital transformation.’

Donahoe stated in a statement that he was acquiring “a highly talented team of creators with a connected brand” Our plan is to expand Nike’s digital reach and capabilities, invest in RTFKT and serve their creative and innovative communities.

RTFKT made $621 million in March thanks to a collaboration with Fewocious, an 18-year old crypto artist. 

The highly sought digital kicks – which cost between $3,000 and $10,000 – sold out in seven minutes, according to the Wall Street Journal. The shoes are also available in physical form online, selling for as high as $12,500 on Tuesday. 

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Nike is entering the crypto kicks market with its acquisition of virtual sneaker maker RTKFT, which announced the deal Monday on Twitter

Nike has acquired RTKFT virtual sneakers maker RTKFT and is now entering the cryptocurrency kicks market. The deal was announced Monday via Twitter.

Nike acquired virtual sneaker maker RTKFT for an undisclosed sum. The company's crypto kicks sell for thousands, and do the physical reiterations of the designs. A collaboration with teenage virtual designer Fewocious is selling for $12,500 on the resale market (above)

RTKFT is a virtual sneaker manufacturer that Nike purchased for an undisclosed price. RTKFT’s virtual sneakers sell for thousands and the company also makes physical copies of its designs. The resale marketplace is offering a $12,500 collaboration with Fewocious, a teenage virtual designer.

Nike chief executive John Donahoe

An NFT (Near-Familiar Token) is an unique digital token that has been signed by an artist to verify its authenticity and ownership. 

RTFKT’s colourful kicks were sold under the NFT trading name. This is a unique digital asset that grants buyers ownership over an item made using blockchain technology.

Even though the price tag might be high, it is not tangible and can only exist in virtual reality.

Nike is not the only brand that has begun to transition into alternate realities. Joining other fashion giants, such as Gucci and Burberry, Adidas has been entered the space of non-fungible tokens (NFT). 

Dolce and Gabbana reported in September that its first NFT collection of nine pieces had been sold for $5.7 million. This package contained some couture-quality items.

They can be bought or traded, and even flipped for profits.

In the case of RTFKT, digital shoes, which are paid for with Ethereum cryptocurrency, can also be worn in the metaverse or on social media. 

Avatar holding Nike shoe

Avatar holding RTFKT shoe

Following the RTFKT announcement, Avatars were seen sporting virtual sneakers.

RTFKT's collaboration with 18-year-old Fewocious (pictured) was a major success. Its limited collection sold out in seven minutes, netting $3.1 million

RTFKT’s partnership with the 18-year old Fewocious was a huge success. The limited edition sold out in just seven minutes and netted $3.1 million

RTFKT is a well-established player in metaworlds since its inception in 2000. It collaborated with Atari in March to produce a limited-edition series. The net profit from that limited-edition collection is not known. 

Adidas has been interested in the NFT phenomenon, and it shared its thoughts on December 2, tweeting that they were exploring the metaverse with Bored Ape Yacht Club.

RTFKT was established by Benoit Pagotto and Chris Le, friends, in January 2020.  

Pagotto claimed that Nike’s acquisition of Nike was a unique opportunity to develop the brand. 

‘We are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,’ he said in a statement. 

‘Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse.’

An NFT can signify ownership of digital assets such as images, video and music. It also allows you to store cryptocurrency wallet addresses, land in virtual worlds, or even trade cards.

Previous high-profile digital assets that have hit the NFT market include Jack Dorsey (Twitter CEO), Jack Dorsey’s first tweet which sold for $2.9M in March and the classic viral video Charlie bit me finger which made $761,000 this May.

Pictured: Avatars are seen wearing RTFKT in an advertisement to promote metaverse clothing

Photographed: RTFKT is worn by avatars in an advert to promote metaverse clothing

The shoes can be worn in virtual reality, collected, traded or resold

These shoes are possible to be worn in virtual realities, or traded, traded, or resold.

RTFKT in March collaborated with Atari to create a limited-edition series. It's not clear how much it netted on that collection

RTFKT and Atari collaborated in March on a limited-edition series. The net profit of that limited-edition collection is not known.

Crypto-art isn’t slowing down. One British collective of art plans to launch an NFT collection that claims to allow stars to be owned. 

The Ten Thousand Suns project, created by the Adequate Content collective, says it will issue 9,096 NFTs which correspond to every star visible with the naked eye from Earth later this month.

Warren Buffett’s granddaughter Nicole Buffett joined Discord’s chat room to join the fun project.

In an interview with, one creator stated that the absurdity of art was a notion that’s always sort of connected. “That’s the purpose of art. To reach for the sublime.  

An example of one of the digital stars available in the NFT offering is seen above

You can see an example of the NFT digital star available above

News of Nike’s RTFKT acquisition has generated excitement online. This was especially true for people who are interested in Augmented Reality (AR).

It’s pretty rad! This is an example of #AR. It’s a great peek at fashion’s power entry into the metaverse.

“Kudos” to #RTFKT and Nike for their visionary leaps.

Added @shila_ray: ‘Nike buying RTFKT is very interesting. It is not surprising that similar deals are expected to follow, especially in the high-end fashion sector.

Some people aren’t a fan the new, strange world in which we live.

Twitter user @SteveUmstead asked, “Am I simply too old?” Does the term “virtual shoes” sound absurd? 

Many augmented reality fans expressed excitement over the deal on Twitter (above), although not everyone's a fan of the virtual sneakers

The deal was embraced by many Augmented Reality fans on Twitter (below), though not everyone is a fan.