In a shocking turn of events, RTFKT, the Nike-owned digital collectibles and sneaker platform, announced on December 2 that it would “wind down” its operations by January 2025, leaving NFT holders in the lurch. .
RTFKT: A pioneering NFT platform
Launched in 2019, RTFKT quickly became a well-known digital collectibles platform after the hype in the non-fungible token (NFT) space. Along the way, the platform has collaborated with Nike on many groundbreaking projects, including the Cryptokicks iRL, Air Force 1 NFT, and exclusive NEKO Camo Dunk.
The announcement reads: “From launching innovative projects like Clone X with Takashi Murakami to developing the first-ever digital sneaker that became a physical product, countless people have found their voice through our platform From empowering 30 artists and digital creators, you, our community, are the driving force behind all innovation.
The announcement comes after the appointment of Nike's new CEO Elliot Hill and marks a strategic shift in the brand's focus on digital. While former CEO John Donahoe emphasized expanding Nike's digital presence through partnerships and initiatives such as .SWOOSH, Hill's leadership intends to change direction.
Before wrapping up operations, RTFKT announced one more innovation. This is expected to be operational in December of this year. The innovation, dubbed “MNLTH
After NFT hype peaked in early 2021, NFT sales volumes and prices began to decline as the market faced significant fluctuations in 2022. Some experts call this the bursting of the bubble, while others believe that oversaturation is the reason for market fatigue.
Also read: Kraken announces closure of NFT marketplace, why?
