Nike Continues Its Push Into the Metaverse

Nike enters the digital shoe market with its recent acquisition.

Today's video focuses on Nike (NKE -0.21%) and recent company news dealing with the metaverse. Here are some highlights from the video.

On Dec. 12, Nike announced its recent acquisition of RTFKT, a leader in the digital shoe market. RTFKT has expertise in creating NFT projects and has partnered with numerous brands to develop digital sneakers. Some of the digital sneakers designed are wearable in Decentraland, an online blockchain metaverse game. The financial details of the deal have not been disclosed.
The acquisition is not the first time Nike has pushed its brand into the metaverse. In early September, Nike created an online experience inside Roblox (RBLX 3.23%), allowing online players to enjoy Nike digital apparel and activities.
The popularity of the metaverse has made it a new place for companies to advertise and showcase their products to users. Adidas has recently partnered with some well-known NFT projects and released its own NFTs.

Click the video below for my full thoughts and analysis.

*Stock prices used were the midday-market prices of Dec. 17, 2021. The video was published on Dec. 17, 2021.

Jose Najarro has no position in any of the stocks mentioned. The Motley Fool owns and recommends Nike and Roblox Corporation. The Motley Fool has a disclosure policy. Jose is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

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