Nike will soon be seen in the Metaverse, with the Nike NFT sneakers that can be used to dress a user's avatar.

Nike NFT Shoes

Nike is joining the hype of the ever-growing metaverse by getting into the NFT game. The apparel giant has purchased a sneaker firm known for photoshopping a "cybershoe" onto Elon Musk.

The sporting goods behemoth filed trademarks with the United States Patent and Trademark Office in October to sell branded sneakers in the virtual world. Nikeland, an online game zone on Roblox where fans can build an avatar of themselves and play sports in a virtual setting, was launched last month.

Nike NFT and Metaverse Sneakers

Nike announced Monday that it had acquired RTFKT Studios, a digital collectibles company that will allow the retailer to sell virtual sneakers that users can use to adorn their online avatars.

"Brands have an incentive to be there because that's where people are, and they want to follow them," said Wedbush Securities analyst Michael Pachter on why major shops are developing their presence in the metaverse, as reported on CBS News.

Metaverse refers to a network of augmented and virtual reality hubs that may be accessed by cellphones or headgear. Users may also build a digital avatar to represent themselves in the virtual world, customizing it with hats, sunglasses and now even Nike-branded sneakers for work and play.

Furthermore, the global market for metaverse transactions is estimated to reach $6.1 billion this year and approximately $42 billion by 2026. Users may modify their appearance, display memorabilia in a digital store, and play games in Nikeland.

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Nike NFT through RTFKT Studios

RTFKT is a blockchain-based company that creates one-of-a-kind sneakers and virtual objects. Its business model is as blockchain-based as possible: physical shoes and other items could only be purchased after the consumer purchases an NFT of the item and redeems it at forging events where buyers can claim their transactions.

RTFKT Studios creates non-fungible footwear tokens. Non-fungible tokens are digital assets that rely on blockchain technology and smart contracts to ensure that each item or asset, is distinct and immutable. The Nike NFT shoes in the Metaverse aren't real-world objects that buyers can use in their daily lives, but it will be created for their avatars to use. Who says someone can't be fashionable and wear branded clothes and shoes in the metaverse, right?

According to Futurism, RTFKT debuted in 2020 and made headlines in March when it sold out of a line of actual sneakers paired with NFTs in seven minutes, netting $3.1 million. RTFKT co-founder Benoit Pagotto tweeted after the acquisition was announced, "saying that "Since we started, we've always looked up to Nike with the ambition of creating the Nike born on the Metaverse."

Nike did not say how much the studio cost them. Nike CEO John Donahoe said in a statement that the acquisition is another step toward serving athletes and creators at the nexus of sport, creativity, gaming and culture.

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