Nike Purchases NFT Fashion Startup Called RTFKT

The metaverse world is progressing at a rapid pace. Though Nike has entered the digital and blockchain spaces, as well as running along Adidas (the chief athletic-wear rival thereof) has been additionally hostile in the field, the prominent brand of apparel is speeding up its advancement. This week, the most forceful blockchain step thereof has been taken by Nike as it announced the purchase of RTFKT (a venue for digital collectibles).

Nike’s metaverse venture

The company has been comparatively a big name in the crypto industry during the previous years. A couple of years back in 2019, a service and trademark application was filed by the firm with the United States Patent and Trademark Office. Nonetheless, throughout the recent two years, it has not done so much in the respective field. The whole scenario turned upside down with the new press release of the platform. The RTFKT’s acquisition seems to take the platform to a digital path that is unique and it has not touched it thus far.

John Donahue (the President and CEO of Nike) stated that they were incorporating an extremely talented creators’ group with a well-connected and valid brand. They had a strategy to supply funds for the RTFKT platform and enhance their creative and innovative community with the digital capabilities and footprint of Nike, as he added. The struggle for consistently being linked with digital space is turning out to be much competitive.

RTFKT, becoming more progressive

It is a fact that the companies are experiencing mounting pressures to as a minimum to exist in the communities of blockchain and cryptocurrency, and as not entire of the response towards the space has been positive, crypto-endemic companies to arriving the field uniquely have on the whole faced a few pitfalls in their way. The things like NFTs, fashion, and streetwear have been pursuing their collision for a long time. While the respective purchase is expected to provide the venue with new engagement, it is not that appreciative all the time.

RTFKT has obtained a lot of criticism for inadequately incorporating Web2-based concepts into Web3. The critics consider that the respective platform is being ill-managed by the developer community. The NFT community has also condemned the venue for the collaboration thereof with Mukarami in which just 9 out of the 16 total NFTs are specified for the public with the rest of 7 for the creators of RTFKT.

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