RTFKT, the Web 3 arm of Nike, buys an Ethereum Domain Name for $37k

May 31, 2022 0 Comments

RTFKT, the Web 3 arm of sportswear and sneaker giant Nike, has added an Ethereum Name Service (ENS) domain to its gallery after purchasing“dotswoosh.eth” for 19.72 ETH, which is equal to $37,000 at the time of writing.

After the purchase of this latest ENS domain, Nike now own ten Ethereum Name Service.

The rationale behind the dotswoosh purchase remains unclear. But some market watchers speculated that Nike may use the domain for issuing ENS subdomains in the future.

Nike could allow holders of specific NFTs or other assets the ability to register an ENS subdomain under dotswoosh.eth.

Nike has a record of buying and trademarking a wide range of affiliated names and logos.

In addition to dotswoosh.eth, RTFKT also owns artifacts.eth, rtfkt.eth, skinvial.eth, drmos.eth, mintvial.eth, dreamos.eth, spacedrip.eth, dripcoin.eth, and m2tekno.eth.

For example, Space Drip is a set of NFTs that allow the holder to forge a physical version of the sneaker.

Established in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT  makes NFT collectibles and memes, according to its website.

In December 2021, Nike bought virtual sneaker company RTFKT for an undisclosed sum, as the company plans to accelerate digital transformation.

“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,” Nike Chief Executive Officer John Donahoe said in a statement.

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