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In December 2021, Nike surprised the industry by announcing the acquisition of RTFKT, a startup specializing in NFTs and virtual sneakers. Founded in 2020 by BENOIT PAGOTTO, CHRIS LE and STEVEN VASILEV, RTFKT quickly established itself as a pioneer in digital fashion, attracting attention thanks to its collaborations, notably with TAKASHI MURAKAMI. Yet less than three years after this acquisition, Nike decided to close RTFKT, citing implicit strategic reasons.
The acquisition of RTFKT was an attempt by Nike to establish itself in the web3 space. The startup had gained notoriety with its sneaker NFTs reaching high prices and its “CloneX” project, a series of digital avatars. In collaboration with Nike, RTFKT even launched customizable virtual sneakers and limited physical editions. Despite the initial enthusiasm, blockchain-related products have not found their way to a mainstream audience.
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Under the leadership of its new CEO, ELLIOTT HILL, Nike is reorienting its strategy on its products and its core business. Priorities include optimizing innovation on classic lines such as JORDANS and AIR FORCE 1, as well as improving relationships with its distributors.
