- The company announced its plans to cease operations by January 2025.
- In December, RTFKT will issue its last collection, the MNLTH X.
The closure of RTFKT has been announced. RTFKT was the creators of the NFT sneakers and avatars that Nike purchased in 2021. The company announced its plans to cease operations by January 2025 in a post on X on December 2.
In December, RTFKT will issue its last collection, the MNLTH X, which will include the BLADE DROP, before it closes. The group saw this as further proof of their commitment to innovation and the convergence of the digital and physical worlds.
Pioneering Position
When asked to reflect on its accomplishments, the firm emphasized its pioneering position in integrating the sneaker lifestyle, gaming, digital fashion, and Web3 technology, as well as its role in shaping digital culture.
Its key accomplishments were also emphasized in the statement. These included working with famous artist Takashi Murakami on Clone X. Also, creating digital footwear that could be turned into physical products, and supporting digital creators and artists. In order to ensure its continued existence, the firm has declared its intention to revamp its website. In order to highlight its most significant accomplishments.
After its 2020 founding, RTFKT swiftly gained notoriety and raised $8 million from backers such as Andreessen Horowitz. The acquisition by Nike in December 2021 was hailed by then-CEO John Donahoe as a watershed moment in the sports gear manufacturer’s digital revolution.
Thereafter, the two brands collaborated on a number of sneaker collections, with NBA superstar LeBron James donning one of their exclusive creations during the 2023 playoffs.
Difficulties surfaced as the market as a whole sank. According to CryptoSlam, NFT sales for the year have amounted to $9.9 billion, which is far lower than the $23.7 billion and $15.7 billion achieved in 2022 and 2021, respectively.
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