RTFKT, a Nike-owned company dedicated to NFT sneakers, has announced that it will cease its operations in January 2025. However, before concluding its journey, RTFKT will launch another NFT collection with “BLADE DROP”.
Nike NFT and the decline of the RTFKT company of digital sneakers
RTFKT, a company that became famous after Nike’s acquisition for the launch of NFT sneakers for the metaverse, has announced that it will cease its operations in January 2025.
https://twitter.com/RTFKT/status/1863621178532773928
In its post, RTFKT stated that it will launch an updated website that illustrates the innovative work that has defined the company’s journey.
Not only that, before its official sunset, it seems that the company has decided to launch a new collection in December with “BLADE DROP”. Here is how this event was described:
“Before this transition, in December we will present a further innovation: MNLTH X with BLADE DROP, as a testament to our commitment to push boundaries and merge worlds.”
The company owned by Nike since 2021 also wanted to leave a phrase that inspires evolution:
“RTFKT is not ending. It is becoming what it was always meant to be: an artifact of cultural revolution.”
Nike NFT: RTFKT closes its doors after four years of history
RTFKT was launched in 2020, obtaining various investments until the acquisition by Nike in December 2021, during the full bull of the NFT sector.
In April 2022, Nike and RTFKT presented their first sneakers for the NFT metaverse, the “Nike Cryptokicks”, traded immediately on OpenSea at 2.9 ETH, equivalent to €8,500 at that time.
In 2023, RTFKT also collaborated with Ledger to launch a customized edition NFT collection of Ledger Nano S and Nano X. These NFTs were available for purchase and could then be redeemed for the physical item.
In June of this 2024, it seems that the company had predicted declines in tax revenues for the next year, mainly due to the “choppy demand” for its NFT sneakers.
In any case, the MNLTH and CloneX Mintvial collections by RTFKT have been its two major successes, with 16.4 million dollars and 13.9 million dollars in royalty earnings, respectively.
The momentum of the monthly sales volume of Non-Fungible Tokens
The present news of the sunset of RTFKT arrives just as the NFT market seems to be experiencing a moment of momentum.
In fact, recently, it emerged that NFT sales in November 2024 reached 562 million dollars, a figure that had not been seen for six months.
This is a true recovery since that amount is also a good 356 million dollars more compared to October 2024.