Nike-owned NFT pioneer RTFKT to shut down operations by January

The virtual sneaker and fashion brand RTFKT will wind down its operations by January 2025 as Nike restructures under new CEO Elliott Hill. However, despite the closure, the brand’s Ethereum tokens will remain accessible to the public. RFTKT will launch an updated website to maintain its legacy On Monday, Nike’s digital fashion brand, RTFKT, disclosed that it will cease operations by the end of January 2025. In an X post, the platform commented: Today, we’re announcing the plan to wind down RTFKT operations. Looking back, we’re incredibly proud of everything we’ve achieved together. ~ RTFKT The platform reflected on its past achievements, including the Clone X project with Takashi Murakami, the development of the first digital sneakers, and the number of artists and creators it has inspired. Additionally, it hopes to maintain this legacy by releasing an updated website that showcases its many works and designs. The brand also believes its innovative ethos will “live on through” the many creators and artists it motivated, adding that it has not come to an end but materialized into what it was always meant to be —an artifact of cultural evolution. Moreover, RTFKT still plans to launch one more ingenuity before its closure- the MNLTH X featuring the BLADE DROP. While the launch may break new technical ground, some analysts believe it could be perceived as a desperate revenue grab before closure. However, Nike is yet to confirm RTFKT‘s operation wind down. RTFKT and Nike have collaborated on shoe designs since 2021 Nike’s acquisition of RTFKT in 2021, under former CEO John Donahoe, came at a time when multiple companies wanted to pursue NFTs and the metaverse. Since then, the two have released incredible designer shoes, becoming a cult favorite for sports players. Even towards the end of 2023, streetwear designer Jeff Staple imagined a future where customers’ feet are scanned in-store for on-the-spot, zero-waste shoe production using recycled materials. During the Paris Olympics, Nike even unveiled a robot-powered, spray-on sneaker built using LightSpray technology that takes just three minutes to produce. No one would have imagined the closure of RTFKT barely four months after its last big launch. Before then, Nike had even revealed 13 AI-generated sneakers co-created alongside athletes, including Kylian Mbappé, LeBron James, and Sha’Carri Richardson. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap