RTFKT to Wind Down Operations by January 2025 Amid CloneX NFT Value Plunge

Dec 2, 2024, 04:35 PM

RTFKT, a prominent digital fashion and NFT company, has announced it will wind down operations by January 2025. The company, acquired by Nike in 2021 for a rumored $100 million, had been a significant player in the NFT space, with an NFT collection on Ethereum, and was known for its innovative projects. The announcement has surprised its community, with the value of its CloneX NFT collection reportedly dropping by 70% following the news. While the company stated it is transitioning into what it was 'always meant to be—an artifact of cultural revolution,' questions remain about the future of Nike's involvement in digital fashion, including its .SWOOSH platform.