Nike Joins the Metaverse Sneaker Wars

If you weren't taking the metaverse and the digital ownership of goods seriously, now might be a good time to start. The Bored Ape Yacht Club has formed a partnership with Adidas (OTC: ADDD.F) (OTC: ADDYY) and now Nike (NYSE: NKE) is acquiring RTFKT, a "developer of custom sneakers designed for video game enthusiasts."

Non-fungible tokens, or NFTs, are a new way to have digital ownership of a digital good in the world of cryptocurrency. In the case of Nike and RTFKT, their NFTs live on the Ethereum (CRYPTO: ETH) blockchain and can also give holders access to physical goods or digital goods for augmented reality or the "metaverse," depending on the project. The NFT itself is a record of ownership of a specific item, which can't be replaced like a real-world pair of shoes (which are fungible). 

Image source: Nike.

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Source Fool.com