tl;dr
RTFKT, a digital fashion and technology company acquired by Nike in 2021, has announced its plan to wind down operations. The company, known for its NFTs and physical collectibles, experienced declining prices for its NFT collections, leading to its closure. Despite rumors and hints of the shutdown,...
RTFKT, a digital fashion and technology company acquired by Nike in 2021, has announced its plan to wind down operations. The company, known for its NFTs and physical collectibles, experienced declining prices for its NFT collections, leading to its closure. Despite rumors and hints of the shutdown, some in the Web3 community have expressed interest in reviving the brand. Nike, however, will maintain a presence in Web3 with its virtual creations platform, .Swoosh, but won't be launching any more NFT collections for now. Prior to ending operations, RTFKT plans to launch a final project in December.
RTFKT burst onto the digital collectible scene in 2021, building a sprawling ecosystem of Ethereum-based NFTs and physical collectibles, partnering with artists like Takashi Murakami along the way. In December 2021, it was acquired by Nike for an undisclosed sum, a move aimed at accelerating Nike’s digital transformation and serving athletes and creators at the intersection of sport, creativity, gaming, and culture.
Nike and RTFKT worked on a number of shoe collections together, including finding the foot of NBA superstar LeBron James amid the league playoffs in 2023. However, declining prices for its NFT collections—most notably Clone X, its flagship profile picture (PFP) set—and broader disinterest in NFTs led to the closure announced Monday.
Some in the Web3 community have offered to revive the RTFKT brand, while Nike plans to maintain a presence in Web3 with its virtual creations platform, .Swoosh, despite discontinuing NFT collections. Prior to ending its operations, RTFKT plans to launch a final project in December 2024, the MNLTH X featuring the Blade Drop, with no official details provided.
Following the news of its shutdown, the trading volume of Clone X increased, but the average sale price declined by more than 44% on secondary marketplaces. The collection registered an all-time high floor price of more than $63,000 in 2022, but now the NFTs start at less than $1,000 on secondary marketplaces.