Sporting goods giant Nike recently confirmed that it has acquired virtual sneaker company RTFKT, a move it plans to use to consolidate its position in the growing Metaverse.

The fee behind the deal has not been disclosed to the public. Nike CEO John Donahoe said in a statement, “This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming, and culture.” Major tech companies have contributed their own invention to make the Metaverse a reality. Companies like Microsoft, Meta, Intel and even the dating app Tinder all contribute to this goal in one way or another.

While the Metaverse only includes a shared virtual space, various activities can be carried out. In the Metaverse, users can purchase virtual land and other digital assets such as clothing for avatars (which represents each individual in the metaverse) in the form of a crypto asset called a non-fungible token (NFT).