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Nike Buys a Virtual Sneaker Maker

Nike Profit Tops Analysts' Estimates On North American Sales

Photographer: David Paul Morris/Bloomberg

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Nike Inc. is acquiring a virtual collectibles company as it dives further into the metaverse. 

The sportswear giant agreed to buy RTFKT, a business founded in 2020 that creates digital products like sneakers and uses blockchain technology to ensure authenticity, according to a statement on Monday. Financial terms of the deal were not disclosed.