The metaverse has lately been a popular issue of discussion, with both Facebook and Microsoft getting their share. Nike has also made a significant foray into the metaverse by acquiring a leading digital apparel player. RTFKT, NFT collectables and fashion firm, revealed on Twitter on Friday that Nike had acquired them.
Neal Stephenson coined the word “metaverse” in his 1992 science fiction novel “Snow Crash”. He imagined lifelike avatars meeting in realistic 3D buildings and other virtual reality scenarios. Since then, significant advancements have paved the way for a true metaverse, an online virtual world that integrates augmented reality, virtual reality, 3D holographic avatars, video, and other forms of communication. As the metaverse expands, it will provide you with a hyper-real alternate universe in which to coexist.
What is Metaverse?
It is a technology hybrid that combines virtual reality, augmented reality, and video to allow users to “live” within a digital realm. Consequently, the metaverse’s supporters envision its users working, playing, and staying connected with friends through activities ranging from concerts and conferences to virtual globe travel. Additionally, Mark Zuckerberg predicts that the core elements of the metaverse will take five to ten years to become ubiquitous. However, elements of the metaverse do exist right now. Ultra-fast internet rates, virtual reality headgear, and permanent always-on online worlds are now available, but not to everyone.
To know more about Metaverse check- Metaverse, Cryptocurrency and NFTs
About RTFKT
Three friends started RTFKT during the start of the COVID period in January 2020. This has defined its vibe to this day. It is a diverse, creator-led organisation. RTFKT (NFT Fashion) creates one-of-a-kind shoes and digital artefacts. They combine the latest in gaming engines, NFT, blockchain authentication, and augmented reality with manufacturing experience.
RTFKT is well-known for its viral sneaker designs, memes, and collectable exclusives. It has also maintained a reputation for being on the bleeding edge of technology. However, their reputation has perplexed many since they appear to lack the resources and staff to compete with giants of digital fashion.
Rumours that RTFKT used a rogue AI to generate next-generation ideas are incorrect, and RTFKT has rejected them. There has been no evidence or legal action to back up these rumours.
For many years, RTFKT was an undefined collective, operating solely in the shadows, supplying ideas and concepts to gaming firms and a few select fashion businesses. In 2020, they organised a corporation to push their services into the public metamarket. Consequently, the reaction has been fantastic, and RTFKT’s social development has been nearly alarming.
The Deal
The deal looks wonderful. RTFKT’s flagship product is a hybrid NFT/physical shoe collectable inspired by the iconic CryptoPunks NFT collection. This project gained attention in March after a digital footwear collaboration with prolific non-fungible token artist FEWOCiOUS sold $3.1 million in metaverse shoes. Meanwhile, Nike began investigating blockchain technology as early as 2019, going so far as to patent tokenized sneakers.
“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,” Nike President John Donahoe posted about it on his blog. “We’re acquiring a very talented team of creators with an authentic and connected brand. Moreover, 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. “
Metaverse fashion is also a rapidly growing industry. In April, Cryptokickers, a competing NFT streetwear brand, inked the first-ever digital shoe partnership with former NBA great Wilson Chandler.
Also read: Sandbox- The Sandstorm in The Crypto Market
