Nike, an internationally known brand, has just acquired RTFKT. This unpronounceable name surely means nothing to you, yet it could well be the Nike of tomorrow.
Nike is not known for letting its competition go on without a hitch. So when a brand like RTFKT enters the market, the latter very quickly interests the comma brand. And the clothing juggernaut has just announced that it has acquired this very special brand. Indeed, RTFKT’s shoes are virtual.
We have now known for a few weeks the pronounced interest that Nike has for metavers and other virtual universes of all kinds. But the comma mark had never hit that point before. She who had made an announcement less than a month ago, promising the opening of a metaverse specially designed for the universe of the brand, has just bought a competitor.
RTFKT: unknown to the general public, reference for connoisseurs
RTFKT is surely not the most famous shoe brand in the world, but now the young firm defines by Nike as “a leading brand that takes advantage of cutting-edge innovation to offer new generation collectibles”. Because even if RTFKT does not have the fame of Nike, the brand is not a small toddler in the world of shoes, and when it comes to their virtual versions, RTFKT is even a giant in the market. Founded in 2020 by three partners, including a Frenchman, the brand quickly established itself as a trend to follow in its market.
RTFKT is now a part of the NIKE, Inc. family. 🌐👁🗨
– RTFKT Studios (@RTFKTstudios)
Building on its nascent success in the virtual worlds, the brand had succeeded last February the crazy bet to sell very precisely 608 pairs of an ultra-limited edition of shoes, physical this time. All sold in less than seven minutes, they enabled the brand to recover just over $ 3 million in the operation, carried out in partnership with the young street artist FEWOCiOUS.
Today, several models that were originally sold for $ 10,000 by the brand can be found on resale platforms at lower prices. So it seems that the operation was a failure for those who intended to resell these shoes.
Virtual fashion, a phenomenon that pays big
But as the metaverse and virtual universe market grows in importance, Nike has decided to jump in with both feet. This acquisition is therefore logical to say the least, and follows the policy of the comma brand with regard to this subject. The amount of the transaction was not revealed by the brands, but RTFKT had managed to complete a financial year in 2021 above $ 100 million in turnover, enough to raise the stakes.
In full growth, the brand had just created a brand new virtual collection in November. With more than 20,000 pieces, each more colorful than the next, the firm managed to sell in a few hours for more than 80 million dollars of products. Some of the rarest avatars in RTFKT’s collection have been sold on the secondary market for several tens of thousands of euros, prices three to four times higher than the initial purchase price.