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Nike "RTFKT" announced that it will discontinue operations at the end of January 2025, with a final product available this month
Nike plans to close its Web3 studio, RTFKT, known for its non-fungible token sneakers and virtual dolls, at the end of January 2025. 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 release its final product, MNLTH X with BLADE DROP, in December 2024 before ending its operations.
This announcement has caused a shock in the Non-fungible Token community, causing concern about Nike's innovation commitment in the Web3 field. RTFKT's closure has cast doubt on the future of its flagship projects, including Clone X and INVTRY, with many speculating that these initiatives may also be abandoned.
This decision is part of Nike's broader strategic shift, as evidenced by the suspension of the Non-fungible Token project and the transformation of its subsidiary '.SWOOSH' virtual studio to focus on gaming-related ventures. The closure of RTFKT has resulted in significant financial losses for investors and has prompted criticism from the Non-fungible Token community regarding Nike's management after the acquisition.
RTFKT emphasized in its statement that despite ceasing operations, it will continue its pioneering legacy by showcasing its work through the launch of an updated website. The company describes RTFKT as a 'cultural artifact of the revolution', implying that its innovative spirit will continue to exist through the creators and projects it has inspired.
pic.twitter.com/ySShPa0I7r
— RTFKT (@RTFKT) December 2, 2024
Given the sharp decline in the Non-fungible Token market, the closure of RTFKT is particularly noteworthy, and it is also a key factor in the decision to cease operations. The footwear manufacturer based in Oregon seems to have never found a foothold after the acquisition of RTFKT, despite launching multiple real and NFT form RTFKT branded shoes.
The article 'Nike's 'RTFKT' announces it will cease operations at the end of January 2025, and will still release its final products this month' was first published in 'Blocklike'.