Yesterday Nike Inc announced it acquired NFT startup RTFKT Studios for an undisclosed sum. In May, the startup raised an $8 million seed round led by Andreessen Horowitz at a $33.3 million valuation. It’s perhaps best known for three sneaker NFTs that sold for more than $3 million back in March, shortly after Christie’s record Beeple NFT sale.
RTFKT recently launched a series of CloneX avatar NFTs with artist Takashi Murakami.
The RTFKT founders have creative backgrounds, but for those three famous sneakers, they partnered with 18-year old designer Fewocious. More than anything, what Nike is buying is access to talent deeply in touch with crypto culture and community.
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