RTFKTthe pioneers of virtual sneakers and the creators of non-fungible tokens (NFT) bought by Nike in 2021, I have revealed plans to cease operations in January 2025.
in a mail shared on X on December 2, the company announced that Preserve his legacy with a revamped website that highlights his revolutionary journey in the NFT space.
“To honor and preserve this pioneering legacy, we will launch an updated website showcasing the innovative work that defined RTFKT’s journey,” the company shared in its message.
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Before closing, RTFKT release a final collection titled “BLADE DROP”reflecting their commitment to pushing creative boundaries and bridging the digital and physical worlds.
The company clarified that its operations would not disappear completely:
RTFKT does not end. It is becoming what it was always meant to be: an artifact of cultural revolution.
Founded in 2020, RTFKT quickly made a name for itself, raising investments, including more than $8 million from investors like Andreessen Horowitz. The company’s work caught the attention of Nike, leading to the sportswear giant’s acquisition of RTFKT in December 2021.
Nike’s strategy acquisition of RTFKT intended for strengthen your existence in the metaversepositioning itself at the crossroads of play, creativity, culture and sport.
However, Nike provided a decrease in revenue for the next fiscal year in Juneciting lower demand for its sneakers. This drop in revenue has raised questions about the future of its various initiatives, including its NFT projects.
As RTFKT bids farewell to its journey in the NFT space, the world of digital art continues to evolve with new and exciting transformations. Recently, renowned designer Susan Kare transformed the iconic ESC keys into pixel art masterpieces for Asprey Studio. How did you bring this unique concept to life? Read the full story.
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