RTFKT, the virtual sneaker pioneers and non-fungible token (NFT) creators purchased by Nike in 2021, have revealed plans to cease operations by January 2025.
In a post shared on X on December 2, the company announced it will preserve its legacy with a revamped website that highlights its revolutionary journey in the NFT space.
"To honor and preserve this pioneering legacy, we will be launching an updated website that showcases the groundbreaking work that defined the RTFKT journey," the company shared in its message.
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Before closing down, RTFKT will launch one final collection titled “BLADE DROP”, reflecting its commitment to pushing creative boundaries and bridging digital and physical worlds.
The company clarified that its operations would not vanish entirely:
RTFKT isn’t ending. It’s becoming what it was always meant to be — an Artifact of cultural revolution.
Founded in 2020, RTFKT quickly made a name for itself, raising investment, including over $8 million from investors like Andreessen Horowitz. The company’s work caught the attention of Nike, leading to the sportswear giant’s acquisition of RTFKT in December 2021.
Nike’s strategic acquisition of RTFKT aimed to strengthen its existence in the metaverse, positioning itself at the crossroads of gaming, creativity, culture, and sports.
However, Nike predicted a decline in revenue for the upcoming fiscal year in June, citing lower demand for its sneakers. This revenue drop has raised questions about the future of its various initiatives, including its NFT projects.
As RTFKT bids farewell to its journey in the NFT space, the world of digital art continues to evolve with new and exciting transformations. Recently, renowned designer Susan Kare transformed iconic ESC keys into pixel art masterpieces for Asprey Studio. How did she bring this unique concept to life? Read the full story.
