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Nike is shutting down Rtfkt, a metaverse fashion brand that sells NFTs and digital sneakers. Rtfkt announced via X (formerly Twitter) that their final collection, Blade Drop, will be released in January 2025.
The Blade Drop collection celebrates Rtfkt's role in bridging the gap between culture and technology. As the company says, the closure does not mean an end, but a transition to a new function as a “symbol of the cultural revolution.” A website is set up to honor the Rtfkt tradition. However, it is unclear what features it will provide or how it will help current NFT holders.
Nike's successful NFT collections, such as CloneX and MNLTH, were primarily launched by Rtfkt. Together, these collections generated over $30 million (approximately €28 million) in royalties. However, according to IT journalists, interest in digital assets will decrease from 2022 onwards. Conversely, the hiring of Elliott Hill as Nike's new CEO signals a shift in the company's priorities, with an emphasis on tangible product advancements and stronger relationships with wholesale partners.
