RTFKT to Conclude Operations: A New Chapter in NFT Sneakers 🚀
RTFKT, a subsidiary of Nike specializing in NFT footwear, has revealed its plans to wind down by January 2025. This year, however, before shutting its doors, the company will unveil a new collection titled “BLADE DROP.” This collection aims to showcase RTFKT’s creativity and innovation as it bids farewell to the industry.
Nike NFT: The Journey of RTFKT and Its Decline 📉
The RTFKT brand gained significant recognition following its acquisition by Nike, which enabled the company to launch NFT sneakers tailored for the metaverse. Sadly, the announcement of ceasing operations comes as a surprise to many in the crypto and sneaker communities.
In their recent announcement, RTFKT mentioned plans for a revamped website highlighting its innovative contributions throughout its existence.
Additionally, before its official closure, the company has decided to introduce a fresh collection next month, dubbed “BLADE DROP.” An excerpt from their announcement emphasizes this commitment:
“Before this transition, in December we will present a further innovation: MNLTH X with BLADE DROP, symbolizing our drive to innovate and connect different realms.”
Since its inception under Nike’s ownership in 2021, RTFKT aims to inspire evolution in the digital space:
“RTFKT is not concluding its journey. It is transforming into what it has always intended to be: a cultural artifact.”
A Brief History of RTFKT and Its Closing After Four Years 🕒
Founded in 2020, RTFKT attracted various investments before being acquired by Nike in December 2021, during an intense surge in the NFT market.
In April 2022, Nike and RTFKT introduced their inaugural NFT sneakers known as “Nike Cryptokicks.” These unique products quickly found a market on OpenSea, with initial trades occurring at approximately 2.9 ETH, valued at around €8,500 at that time.
This year, RTFKT partnered with Ledger to launch an exclusive NFT collection representing a customized edition of the Ledger Nano S and Nano X. Buyers could acquire these NFTs and exchange them for the tangible items.
In June, the company potentially projected a decline in tax revenues for the upcoming year, largely due to the volatile demand for NFT footwear products, as reported in their earnings outlook.
Despite these challenges, RTFKT has celebrated notable successes with collections such as MNLTH and CloneX Mintvial, generating impressive royalty earnings of approximately $16.4 million and $13.9 million, respectively.
Current Trends in NFT Sales Volume 📊
The announcement regarding RTFKT’s impending closure arrives at a time when the NFT sector is seemingly regaining traction.
Recent reports reveal that NFT sales surged to $562 million in November, marking a six-month high. This represents a significant recovery, showcasing an increase of $356 million compared to the preceding month.
As this year wraps up, the evolution of the NFT marketplace continues, with RTFKT’s final steps leaving an indelible mark on the realm of digital collectibles and innovation.
For further insights on recent developments in the NFT marketplace, refer to the following sources:
By
By
By
