Nike Inc (NYSE: NYSE:NKE) is among the large public companies pushing to grow its business through the metaverse. Here's how successful a partnership with Roblox Corp (NYSE: RBLX) has been.
What Happened: Nike reported third-quarter earnings this week and in its conference call, CEO John Donahoe highlighted the success the company has had with NIKELAND in the Roblox game.
“Since its launch, a total of 6.7 million players from 224 countries have visited NIKELAND on Roblox and we plan to continue driving energy there with virtual products like LeBron 19 styles special to Roblox,” Donahoe said.
LeBron James visited NIKELAND during NBA All-Star Week where he coached and engaged with Roblox users. Virtual Nike products could be unlocked during several All-Star Week events.
Nike also announced the launch of NIKE Virtual Studios in the third quarter, which follows the company’s acquisition of digital sneaker brand RTFKT.
“With NIKE Virtual Studios, our vision is to take our best-in-class experiences with digital and build Web3 products and experiences to scale this community,” Donohoe said.
RTFKT launched a Nike-branded NFT in the third quarter.
Related Link: Nike Q3 Earnings Highlights: Revenue And EPS Beat, Digital Sales Growth And More
Why It’s Important: Nike announced plans to launch NIKELAND in Roblox back in November and highlighted the launch as a way to grow its virtual items offered to consumers and connect to new fans.
Nike’s acquisition of RTFKT could continue to help the company grow its virtual product offerings.
“In the end, Nike is doing what we always do,” Donahoe said. “We are staying on the offense.”
NKE Price Action: Nike shares are trading at $131.55 on Thursday versus a 52-week range of $116.75 to $179.10.
Photo: Courtesy Nike
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