Nike’s NFT arm RTFKT to shut down after launching final collection

Nike-owned non-fungible token studio RTFKT will cease operations in January 2025 after releasing its latest collection.

According to a post published on December 2, the studio plans to release its latest collection titled “BLADE DROP” as a tribute to its innovative legacy and a testament to its role in merging technology with culture.

Without revealing any additional information on next steps, RTFKT added that this transition marks a shift towards becoming “an artifact of the cultural revolution” rather than an end to the journey.

The studio also revealed plans for an updated website to showcase its groundbreaking work and preserve its legacy. However, details on how the website will operate, whether it will include tools for collectors, or how existing RTFKT NFT holders will be supported remain unclear.

Additionally, there was no mention of how this move aligns with Nike’s broader metadata strategy or the future use of RTFKT’s popular Ethereum-based collections like CloneX and MNLTH, which have collectively generated over $30 million in royalty earnings. DeFiLlama. RTFKT has earned $49.82 million since its launch, including over $45 million in royalties.

Founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT managed to raise $8 million in funding from investors, including Andreessen Horowitz, before being acquired by Nike for an undisclosed amount in December 2021.

To date, RTFKT’s total revenue stands at $49.82 million, with royalties accounting for the majority of over $45 million.

While the announcement didn’t specify why the project was shutting down, the timing seems odd given that the NFT market has recently shown signs of recovery, with November sales reaching a six-month high of $561.9 million.

However, the prolonged market recession following the 2021-2022 peak, from which most of RTFKT’s revenue was generated, may have influenced this decision.