Nike is taking a plunge deeper into the world of crypto collectibles, announcing that they’re acquiring the NFT studio RTFKT (pronounced “artifact”).
The acquisition announcement comes at an opportune time for the studio; RTFKT is currently behind one of the most talked-about NFT project drops of the month — a sweeping avatar partnership with artist Takashi Murakami called CloneX. Since its initial drop less than three weeks ago, the project has already seen nearly $65 million in transaction volume according to crypto tracker CryptoSlam.
Terms of the acquisition were not disclosed. The startup raised an $8 million seed round back in May led by Andreessen Horowitz that valued the company 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.
Earlier this month, Adidas announced a partnership with NFT project Bored Apes Yacht Club.
In addition to building out its own NFT drops, RTFKT had collaborated with other crypto creators to design items like physical shoes that utilized imagery in other NFT projects, including CryptoPunks and Bored Apes.