Nike (NKE) has decided to shut down its digital fashion and NFT subsidiary RTFKT, three years after acquiring it. Known for its Ethereum-based (ETH-USD) collectibles and limited edition digital sneakers, RTFKT gained attention for its collaborations with major artists like Takashi Murakami. The footwear company made waves in 2021 with its $10,000 digital sneaker sale on Nifty Gateway, becoming a symbol of the growth at the intersection of fashion, NFTs, and gaming.
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Nike's digital fashion dreams fade
Despite early success, RTFKT struggled as the NFT market declined. Its flagship Clone X NFT once sold for more than $63,000, but now trades for less than $1,000 in ETH. Nike hinted at this closure in early September by removing the RTFKT logo from its press releases, indicating a shift away from digital ventures. According to Decrypt, Nike will continue its commitment to Web3 through its virtual platform .Swoosh, but has no plans to release a new NFT collection anytime soon.
The final chapter of RTFKT
RTFKT plans to launch its final project, MNLTH X, featuring Blade Drop, before winding up operations in December. The end of RTFKT marks an important change, but the company emphasizes that it is “becoming what it was always intended to be: a product of a cultural revolution.” That's obvious. RTFKT may be shut down, but its impact on digital culture has never been forgotten.
Should you buy, sell, or hold Nike stock?
Analysts remain cautiously optimistic about NKE stock, with a consensus rating of Medium Buy based on 16 buys and 13 holds. NKE has plunged over 30% over the past year, and NKE's average price target of $91.48 suggests a potential upside of 16% from current levels.
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