NFT studio RTFKT, owned by Nike, will cease its operations in January 2025 after 5 years in the market. Officially, the project will end after the release of the final collection titled BLADE DROP. According to the team, this collection symbolizes the transformation into a “cultural revolution artifact.”
Founded in 2020, the studio gained recognition thanks to projects such as CloneX and MNLTH. RTFKT’s total revenue exceeded $49.8 million, with over $45 million coming from royalties on sales. In 2021, Nike acquired RTFKT to expand its presence in the metaverse and NFT sphere.
The reason for the closure has not been disclosed. However, despite the fact that the NFT market is showing signs of recovery — sales in November 2024 reached a six-month high of $561.9 million, — a prolonged downturn after the peak years of 2021-2022 likely influenced Nike’s decision.
The worst part is that it is unknown how the current NFT owners will be supported. However, as part of the closure, the RTFKT team plans to create an updated website to showcase their achievements and preserve their legacy. It is likely that the answer to this question will also appear then.
Source: X
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