Nike has introduced plans to wind down operations of RTFKT, its blockchain-focused sneaker model, by January 2025. This choice, shared by way of RTFKT’s official account on X, marks the tip of the model’s web3 initiatives.
Of their assertion, RTFKT thanked their neighborhood of creators and collectors, revealing plans to launch a brand new web site documenting the model’s journey and host one closing product launch, the MNLTH X drop, scheduled for December.
The announcement has sparked uncertainty about the way forward for RTFKT’s flagship NFT tasks, together with the extremely regarded CloneX assortment, a collaboration with Japanese artist Takashi Murakami.
Supply: RTFKTWhy is Nike shutting down RTFKT?
The closure comes as Nike undergoes inside restructuring below its new CEO, Elliott Hill, who took workplace in October 2024. While particular causes for the shutdown weren’t detailed, trade observers consider it could mirror a broader strategic shift to realign the corporate’s concentrate on core model initiatives
Since its acquisition by Nike, RTFKT has been identified for 2 standout merchandise: the CloneX NFT assortment, launched in 2021 with Murakami’s collaboration, and its hybrid sneakers, which mixed bodily and digital innovation by linking unique sneakers to NFTs.
The official announcement supplied restricted info on the model’s subsequent steps, with assurances that updates would observe by RTFKT’s channels.
Supply: @JoeyMooose on XPublic Bids to Purchase RTFKT Belongings
Following the announcement, a number of people expressed curiosity in buying RTFKT’s mental property and NFT collections.
Inside half an hour, influencer @waleswoosh made a public bid of $200,000. Quickly after, @JoeyMooose, related to the Pudgy Penguins NFT venture, provided $10 million for the model. Rumors of extra bids have additionally surfaced, together with potential curiosity from Alexandre Dreyfus, CEO of sports activities blockchain platform Chiliz.
As of now, neither Nike nor RTFKT has commented on these affords, leaving the way forward for the model and its property in query.