Nike plans to close its Web3 studio 'RTFKT' at the end of January 2025, known for its NFT sneakers and virtual dolls. RTFKT was acquired by Nike three years ago and gained fame for its digital and physical sneaker products, all featuring the iconic swoosh logo. The studio plans to launch its final product MNLTH X with BLADE DROP in December 2024, before ending operations.
This announcement sent shockwaves through the NFT community, raising concerns about Nike's commitment to innovation in the Web3 space. RTFKT's closure leaves the future of its flagship projects, including Clone X and INVTRY, in doubt, with many speculating that these plans may also be abandoned.
This decision is part of a broader strategic shift for Nike, as evidenced by the pause of its NFT initiatives and the transformation of its '.SWOOSH' virtual studio to focus on gaming-related ventures. RTFKT's closure has resulted in significant financial losses for investors and led to criticism from the NFT community regarding Nike's management post-acquisition.
RTFKT emphasized in its statement that although the company will cease operations, it will continue to showcase its work through a revamped website to carry on its pioneering legacy. The company described RTFKT as "a relic of a cultural revolution," suggesting that its innovative spirit will continue through the creators and projects it has inspired.
pic.twitter.com/ySShPa0I7r
— RTFKT (@RTFKT) December 2, 2024
Considering the sharp decline in the NFT market, RTFKT's closure is particularly noteworthy, which is also an important factor in the decision to cease operations. The footwear manufacturer based in Oregon seems to have never found its footing after acquiring RTFKT, despite launching several RTFKT-branded shoes in both physical and NFT forms.
"Nike 'RTFKT' announced that it will cease operations at the end of January 2025, and will still launch its final product this month" This article was first published on (Blocker).