RTFKT, a Nike-owned company specializing in NFT sneakers, has announced that it will cease operations in January 2025. But before finishing that journey, RTFKT plans to launch another NFT collection with “BLADE DROP”.
Decline of Nike NFT and digital sneaker company RTFKT
RTFKT, the company that became famous when it was acquired by Nike to launch NFT sneakers for the Metaverse, has announced that it will cease operations in January 2025.
https://twitter.com/RTFKT/status/1863621178532773928
RTFKT said in a post that it is launching a brand new website showcasing the innovative initiatives that have defined the company's journey.
Not only that, but before the official sunset, the company seems to have decided to launch a new collection in December with “BLADE DROP”. This event is described as follows.
“Ahead of this transition, as a testament to our commitment to pushing boundaries and uniting the world, we will be introducing a further innovation in December: MNLTH X with BLADE DROP.”
The company, owned by Nike since 2021, wanted to leave behind a phrase that encouraged evolution.
“RTFKT is not over. It is becoming what it was always intended to be: a product of the cultural revolution.”
Nike NFT: RTFKT concludes 4-year history
RTFKT was launched in 2020 and received various investments until its acquisition by Nike in December 2021, during a serious bullish period for the NFT sector.
In April 2022, Nike and RTFKT unveiled the first sneaker for the NFT metaverse, the Nike Cryptokicks, which instantly traded on OpenSea for 2.9 ETH (equivalent to 8,500 euros at the time).
In 2023, RTFKT also collaborated with Ledger to launch a customized version of the Ledger Nano S and Nano X NFT collection. These NFTs were available for purchase and could be redeemed for physical items.
In June 2024, the company apparently predicted a decrease in tax revenue next year, mainly due to “volatility in demand” for NFT sneakers.
In any case, the MNLTH Collection and CloneX Mintvial Collection by RTFKT were two major successes for the company, bringing in $16.4 million and $13.9 million in royalty income, respectively.
Non-fungible token monthly sales momentum
The current news of RTFKT's downfall comes at a time when the NFT market appears to be experiencing a flash of momentum.
In fact, it was recently revealed that NFT sales for November 2024 will reach $562 million, a number not seen in six months.
This amount is also an increase of $356 million compared to October 2024, so this is a true recovery.
