Catenaa, Monday, December 9, 2024 – Nike announced on X it is shutting down RTFKT, the Ethereum-based NFT and digital sneaker company it acquired in 2021. The decision comes after a significant decline in NFT sales and waning interest in digital collectibles.
“Today we’re announcing the plan to wind down RTFKT operations,” the company stated on X, formerly Twitter. Founded in 2021, RTFKT gained prominence for creating high-value digital sneakers and NFTs, including collaborations with artists like Takashi Murakami.
RTFKT was acquired by Nike in December 2021 to bolster the brand’s digital transformation efforts. The partnership led to innovative projects, including the RTFKT x Nike Air Force 1 Genesis sneakers, famously worn by NBA star LeBron James.
Despite its early success, the declining value of its flagship NFT collection, Clone X, contributed to RTFKT’s closure. The collection, once valued at $63,000 per NFT, now trades below $1,000 on secondary markets.
Nike will continue its Web3 presence through its .Swoosh platform, launched in 2022 on the Ethereum scaling network Polygon. However, the company confirmed it would pause new NFT releases for the foreseeable future.
Before shutting down, RTFKT plans to release its final project, MNLTH X featuring the Blade Drop, in December. “RTFKT isn’t ending—it’s becoming what it was always meant to be—an artifact of cultural revolution,” the company stated.
