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Nike has announced the closure of RTFKT, the digital fashion and technology company it acquired in 2021. The decision marks the end of a brief but impactful chapter in the world of NFT-driven fashion and collectibles.
“Today we’re announcing the plan to wind down RTFKT operations,” the company revealed in a statement on X (formerly Twitter). “Looking back, we’re incredibly proud of everything we’ve achieved together.”
RTFKT, pronounced “artifact,” gained prominence in 2021 by selling high-value digital collectibles like $10,000 sneakers on platforms such as Nifty Gateway. Over time, it developed a robust ecosystem of Ethereum-based NFTs and physical items, collaborating with notable figures like artist Takashi Murakami.
Nike’s NFT Vision
When Nike acquired RTFKT in December 2021 for an undisclosed sum, the move was heralded as a significant step in the company’s digital transformation. Then-CEO John Donahoe emphasized the acquisition as a means to position Nike at the nexus of sports, creativity, gaming, and culture.
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Together, Nike and RTFKT released several collaborative shoe collections, even reaching the feet of NBA star LeBron James during the 2023 playoffs. However, dwindling interest in NFTs, coupled with declining prices for key collections like Clone X, RTFKT’s flagship profile picture (PFP) NFT set, proved challenging.
Hints of the Shutdown
Speculation about RTFKT’s fate began circulating as early as March 2024 when crypto influencer Nick O’Neill predicted its closure. RTFKT co-founder Zaptio dismissed the rumor at the time, joking on X, “Seems like we missed the memo on our shutdown.”
In September 2024, Nike further fueled speculation when it excluded the RTFKT logo from its brand portfolio in a press release announcing Donahoe’s retirement. Donahoe had been at the helm during Nike’s acquisition of RTFKT, suggesting a potential shift in strategic priorities under new leadership.
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News of RTFKT’s closure prompted reactions across the Web3 space. Some enthusiasts have expressed interest in reviving the brand, likening the opportunity to Luca Netz’s successful turnaround of the Pudgy Penguins NFT collection. Offers exceeding $100,000 have surfaced on social media for a chance to bring RTFKT back to life.
Nike’s Continued Web3 Presence
Despite the closure, Nike remains active in the Web3 space through its virtual creations platform, .Swoosh. Launched in November 2022 on the Ethereum scaling network Polygon, .Swoosh has focused on virtual products and community engagement.
A recent blog post hinted at a pause in new NFT collections from .Swoosh, but Nike has not confirmed how the closure of RTFKT will impact the platform’s future. Representatives for the company have yet to comment.
A Final Farewell
Before winding down, RTFKT plans to release one final project: the MNLTH X featuring the Blade Drop, set to debut in December. While specific details remain under wraps, the announcement adds a symbolic conclusion to the brand’s story.
“RTFKT isn’t ending,” the company stated. “It’s becoming what it was always meant to be—an artifact of cultural revolution.”
Clone X, RTFKT’s flagship NFT collection, experienced a surge in trading volume following the news, though its average sale price dropped by over 44%, according to NFT Price Floor data. The collection’s value has fallen sharply from its 2022 peak, where the floor price surpassed $63,000, to less than $1,000 worth of ETH today.
As RTFKT transitions into its final chapter, Nike’s journey in the Web3 space continues, albeit with a recalibrated focus on its broader digital strategy.
Feature image by Alexander Rotker
