RTFKT, a Nike-owned non-fungible token (NFT) style studio, has introduced it should wind down operations by the top of January 2025.
The information was shared via a put up on X (Twitter), stating, “Today, we’re announcing the plan to wind down RTFKT operations.”
Regardless of the announcement, the corporate clarified, “RTFKT isn’t ending. It’s becoming what it was always meant to be an Artifact of cultural revolution.”
Nike acquired RTFKT in 2021 as a part of its push into Web3 and its aim to innovate in sports activities style.
Because the acquisition, RTFKT has gained a powerful following, with almost 400,000 followers on X.
The studio turned recognized for its digital drops, such because the “MNLTH” NFT, which revealed a pair of digital Nike Dunk sneakers. Many of those digital releases had been paired with bodily merchandise and collaborations, together with partnerships with luxurious baggage model RIMOWA and artist Takashi Murakami.
Earlier than winding down, RTFKT will launch one last drop this month: the MNLTH X, that includes the BLADE DROP. The studio described it as “a testament to our commitment to pushing boundaries and merging worlds.”
Afterward, RTFKT’s web site will probably be up to date to showcase “the groundbreaking work that defined the RTFKT journey.” Updates on collections, providers, and different particulars will probably be supplied via the corporate’s Discord and official channels.
The explanations behind the choice weren’t disclosed, nevertheless it comes amid broader challenges within the NFT market. Authorized uncertainties and market downturns have affected many firms within the area.
RTFKT’s choice follows the same announcement by Kraken, which plans to shut its NFT market by February 2025. Different firms, together with Immutable, Lacoste, Reddit, Starbucks, and GameStop, have additionally scaled again or exited the NFT market in latest months.
