Official announcements from Nike, press releases, or reputable news sources

Nike-Owned RTFKT to Shut Down by January 2025 After Final NFT Drop

Dec 2, 2024, 05:13 PM

RTFKT, an NFT wearables startup acquired by Nike in 2021 for over $100 million, has announced it will wind down operations by January 2025 after one final drop. The decision has surprised many in the NFT and crypto community, given RTFKT's prominence in digital fashion and its pioneering role in merging sneaker culture with blockchain technology. The value of RTFKT's CloneX NFTs has significantly declined following the announcement. The shutdown raises questions about Nike's digital strategy and the future of its other Web3 initiatives like .SWOOSH.