Nike has announced that they are acquiring the NFT studio RTFKT (pronounced “artifact”), which specializes in crypto collectibles.
The news of the acquisition comes at a good moment for RTFKT, since the company is presently working on one of the most talked-about NFT projects of the month, CloneX, a massive avatar collaboration with artist Takashi Murakami. According to crypto tracker CryptoSlam, the project has already witnessed approximately $65 million in transaction activity since its initial drop less than three weeks ago.
The acquisition’s terms were not disclosed. In May, the business secured a $8 million seed round headed by Andreessen Horowitz, valuing it at $33.3 million.
“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,” RTFKT co-founder Benoit Pagotto said in a statement.
Adidas announced a partnership with NFT initiative Bored Apes Yacht Club earlier this month.
RTFKT had cooperated with other crypto producers to design items like actual shoes that used artwork from other NFT initiatives, such as CryptoPunks and Bored Apes, in addition to developing its own NFT drops.