Fintech

Nike taps NFTs to boost merchandise sales in virtual markets

Nike acquired Rtfkt, a startup that creates NFTs of sneakers and other collectables, for an undisclosed sum

Nike, like other retailers that rely on manufacturing plants in Asia, has been hit by supply-chain woes stemming from the Covid-19 pandemic
Nike, like other retailers that rely on manufacturing plants in Asia, has been hit by supply-chain woes stemming from the Covid-19 pandemic Photo: Jakub Porzycki/Getty Images

Thomas Arias is the proud owner of more than 100 pairs of new and vintage Nike sneakers. Now he is thinking about building a new collection of the brand’s footwear — but in the virtual world.

“I see an asset that possibly some time in the future could be worth a lot more than what I paid,” said Arias, who is 37 years old and helps his father run a small import business in Miami.

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