Nike Inc. announced the acquisition of RTFKT, a crypto fashion brand.

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming, and culture,” said John Donahoe, president and CEO, Nike, Inc. “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

Founded in 2020, by Benoit Pagotto, Chris Le and Steven Vasilev, London-based RTFKT ((pronounced “artefact”) uses the latest in game engines, NFT, blockchain authentication, and augmented reality to create virtual sneakers and collectibles, merging realities in fashion and gaming.

“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,” said Benoit Pagotto, RTFKT’s co-founder. “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.”

The terms of the deal were not disclosed.

Logo courtesy RTFKT