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RTFKT, Nike-Acquired NFT Pioneer, Shuts Down Amid Market Resurgence

Dec 2, 2024, 05:32 PM

RTFKT, the digital fashion and collectible company known for its pioneering work in the NFT space, has announced that it is shutting down operations after one final drop. The company, which merged with Nike and had raised $9 million and sold $45 million in NFTs, was instrumental in shaping the early NFT landscape with projects like Clone X and collaborations with artist Takashi Murakami. Despite having a nine-figure treasury, RTFKT is closing its doors just as the NFT market is experiencing a resurgence, leaving many holders feeling left hanging. The shutdown, which some community members had predicted months ago, marks the end of an era in the digital collectibles space. RTFKT had been a significant player at the intersection of culture, gaming, and technology, and its departure is seen as both a surprise and a significant moment within the industry.