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Nike has announced that they are acquiring the NFT studio RTFKT (pronounced “artefact”), which specialises in crypto collectables.

The news of the acquisition comes at a good moment for RTFKT, since the company is presently working on one of the most talked-about NFT projects of the month, CloneX, a massive avatar collaboration with an artist Takashi Murakami. According to crypto tracker CryptoSlam, the project has already witnessed approximately $65 million in transaction activity since its initial drop less than three weeks ago.

The acquisition’s terms were not disclosed. In May, the business secured an $8 million seed round headed by Andreessen Horowitz, valuing it at $33.3 million.

RTFKT co-founder Benoit Pagotto said in a statement, “This is a once-in-a-lifetime opportunity to build the RTFKT brand, and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love.”

Adidas announced a partnership with the NFT project Bored Apes Yacht Club earlier this month.

In addition to building out its own NFT drops, RTFKT had collaborated with other crypto creators to design items like physical shoes that utilised imagery in other NFT projects, including CryptoPunks and Bored Apes.

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