Nike's NFT streetwear brand 'RTFKT' shocked the world by announcing it will cease operations in January next year, why abandon it just as the market is recovering?

Nike's NFT streetwear brand RTFKT today announced that it will gradually cease operations by the end of January 2025 and plans to launch its final series MNLIH X, shocking the entire community. In response, many members questioned why, just as the NFT market is finally seeing the light of day, Nike chose to abandon the best layout in the Web3 space? (Background: NFT transaction volume today reached the second highest this year! Bored Ape BAYC surged 82% in a week, is the market rebounding?) (Supplementary background: Cryptocurrency sneaker unboxing) RTFKT x Nike Dunk Genesis, filled with cyberpunk style and detachable accessories... netizen reviews exposed) Well-known sports brand Nike acquired the crypto streetwear brand RTFKT in 2021, officially entering the NFT space. RTFKT collaborated with Takashi Murakami to launch the CloneX series and released a series of physical interactive "wearable NFTs" footwear and apparel products in collaboration with Nike, generating up to $170 million in revenue within the first two years of launch, marking a successful start for its NFT business. Although the subsequent long-term bear market in NFTs undoubtedly affected RTFKT's business operations, just as the NFT market finally showed signs of life and the community anticipated a return of the NFT bull market, RTFKT released the shocking news of ceasing operations on the X platform. RTFKT: Gradual cessation of operations by the end of January next year According to an official statement, RTFKT stated that they have always been at the forefront of digital culture — pioneering the fusion of sneaker culture, gaming, digital fashion, and Web3 technology, and co-creating a revolutionary community. However, the official regrettably said: Today, we officially announce the gradual plan to end RTFKT's operations. To commemorate and continue this groundbreaking legacy, RTFKT stated that they will launch an updated website showcasing the groundbreaking works that define the RTFKT journey. We anticipate that Web3 services will gradually conclude by the end of January 2025, but the innovative spirit represented by RTFKT will continue to be passed down through countless inspired creators and projects. In addition, RTFKT announced the launch of its final series: Before this transformation, we will launch our last innovation this December — MNLIH X featuring the BLADE DROP, as proof of our commitment to breaking boundaries and merging worlds. RTFKT added that information about specific series, websites, and services can be obtained through Discord and official channels. pic.twitter.com/ySShPa0I7r — RTFKT (@RTFKT) December 2, 2024 The community directed its fire towards Nike, as this announcement caught them off guard. An X account dedicated to sharing RTFKT-related information, RTFKTNews, curiously raised the following questions: Did not mention INVTRY, has it already been abandoned? Does RTFKT's impending cessation of operations specifically mean that Clone X will also be abandoned? Or will Nike continue development? Or are we just simple art collectors now? Why did Nike choose to abandon the best step in the Web3 space just before the NFT bull market returns? Can a Nike spokesperson explain the logic behind this? Similarly, community member illen also directed his fire towards Nike (rather than RTFKT), stating: These questions are best directed at Nike; I believe they will ultimately value this acquisition at zero and sell off the parts they don't need at a low price. This is a corporate-level decision, and their announcement is just a way to package this decision more nicely. Recently, NFT transaction volume has significantly surged. RTFKT's closure just before the dawn of the NFT market has left the community deeply disappointed. According to Dune charts created by cryptocurrency venture capital Dragonfly's data director @hildobby, the NFT market's transaction volume has surged significantly over the past three days. Especially on December 1, the total NFT transaction volume exceeded $42 million, setting the second-highest single-day transaction volume this year, only behind the $53.3 million on March 4 this year. Additionally, CryptoSlam data shows that Ethereum's on-chain NFT sales in November exceeded $200 million, reaching a new high since May this year, with a nearly 22% increase month-over-month. At the same time, the number of trades and transactions has decreased, indicating a warming of NFT unit prices. The recent surge in NFT transaction volume may be related to the recovery of floor prices for classic blue-chip projects; Blur data shows that several blue-chip projects have seen significant gains in the past 7 days. Bored Ape (BAYC): Increased over 81.49%, floor price: 21.96 ETH (about $81,000). Mutant Ape (MAYC): Increased over 91.7%, floor price: 3.83 ETH (about $14,000). Pudgy Penguins: Increased over 27.42%, floor price: 14.59 ETH (about $54,000). Extended reading: NFT transaction volume today reached the second highest this year! Bored Ape BAYC surged 82% in a week, is the market rebounding? Related reports RTFKT: "Nike Air Force 1 physical shoes" will begin redemption on 4/24! CloneX dropped below 4 ETH. Clone X, RTFKT announced their entry into Nike's Web3 ecosystem platform .Swoosh news) Adidas established a Web3 studio "/// Studio" to compete with Nike RTFKT "Nike's NFT streetwear brand 'RTFKT' shocked the world by announcing it will cease operations in January next year, why abandon it just as the market is recovering?" This article was first published by BlockTempo (the most influential blockchain news media).