COVID-19 STATUS: Visit the PLC information and message center at pensolelewiscollege.com/coronavirus

Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’

RTFKT makes shoes too, except these only exist digitally

By Richard Lawler@rjcc  Dec 13, 2021, 8:45pm EST

If you buy something from a Verge link, Vox Media may earn a commission. See our ethics statement.

One comparison I’ve heard repeatedly over the last year is that buying NFTs to “flex” on people in the metaverse is just like collecting sneakers, and now Nike is apparently trying to make sure it’s ready for the literal version of that possibility. The apparel giant just announced the acquisition of RTFKT Studios, which it calls “a leading brand that leverages cutting edge innovation to deliver next-generation collectibles that merge culture and gaming.”

RTFKT claims that in February, a collaboration with teenage artist FEWOCiOUS to sell real sneakers paired with virtual ones managed to sell some 600 pairs/NFTs in just six minutes, netting over $3.1 million at the time. This was around the same early spring period when most of us were hearing about NFTs for the first time, as Grimes sold some $6 million worth of digital artwork on March 1st. It’s not clear if any of these digital items are worth as much now; looking at OpenSea and Nifty Gateway right now, I see a number of them are either listed for or have recently sold for less than their original prices.

Read Full Article on the Verge