According to a statement from NFT studio RTFKT, the project, acquired by sportswear giant Nike (NYSE:NKE) for an undisclosed amount, plans to release its final collection BLADE DROP and shut down by the end of January 2025.
We announce plans to wind down RTFKT's operations. To honor our team, we will launch an updated website showcasing the works that defined the studio's path, RTFKT stated.
Founded in 2020 amid the excitement surrounding NFTs and the metaverse, RTFKT quickly gained a reputation as a successful startup. It released collections in partnership with brands like Nike and collaborated with sneaker designers Jeff Staple and Japanese artist Takashi Murakami.
The studio's founders Benoit Pagotto, Chris Lee, and Steven Vasiliev were able to raise over $8 million from investors, including Andreessen Horowitz. In December 2021, the startup was acquired by Nike.
To date, RTFKT's total revenue amounts to $49.82 million, of which over $45 million comes from licensing fees.
Although the RTFKT announcement did not specify the reason for the closure, the timing seems strange as the NFT market has recently shown signs of recovery. In November 2024, sales of non-fungible tokens reached a six-month high of $561.9 million.
