Nike-Owned NFT Project RTFKT to Shut Down Operations in Early 2025 | BinanX News

RTFKT, the creators of non-fungible token (NFT) sneakers and avatars acquired by Nike in 2021, has announced its closure.

The company revealed in a December 2 post on X that it will close operations in January 2025.

Final collection and tribute to legacy

“Today we announced the plan to close RTFKT operations,” said the mail fixed. “Looking back, we are incredibly proud of everything we have accomplished together.”

RTFKT also outlined their plans to release a final collection in December, MNLTH X, featuring BLADE DROP before its closure. The team described this move as a testament to their dedication to innovation and merging the physical and digital realms.

Reflecting on its achievements, the company highlighted its role at the forefront of digital culture, pioneering the integration of sneaker lifestyle, gaming, digital fashion and Web3 technology.

The statement also highlighted his major contributions, including Clone

To preserve its legacy, the company announced plans to launch an updated website to showcase its most impactful projects.

The rise and fall of RTFKT

Founded in 2020, RTFKT quickly rose to prominence and raised at least $8 million from investors such as Andreessen Horowitz. In December 2021, Nike took over, with then-CEO John Donahoe describing the move as critical to accelerating the sporting goods maker’s digital transformation.

The two companies then partnered on several sneaker collections, even creating custom designs worn by NBA superstar LeBron James during the 2023 playoffs.

According to DefiLlama dataRTFKT’s total earnings reached nearly $50 million, including $45 million in royalties, ranking it ninth among NFT projects. His most successful collections included the releases of MNLTH and CloneX Mintvial, which generated $16.4 million and $13.9 million in royalties, respectively.

However, challenges arose as the overall market cooled. CryptoSlam Data sample that NFT sales so far this year have reached $9.9 billion, significantly less than the $15.7 billion and $23.7 billion recorded in 2021 and 2022.

In June, a Reuters report revealed that Nike had projected a decline in tax revenue from its NFT division, citing declining demand. Notably, Clone X, RTFKT’s flagship profile picture (PFP) collection, also saw significant drops in its valuation. All of these factors ultimately led to the closure announced on Monday.