Nike’s RTFKT to Transition as NFT Legacy Winds Down in 2025
RTFKT, the innovative NFT company behind virtual sneakers and collectibles, has revealed plans to sunset its operations by January 2025. Acquired by Nike at the height of the NFT boom in December 2021, RTFKT made the announcement via a Dec. 2 post on X (formerly Twitter), promising to leave a lasting legacy.
“To honor and preserve this pioneering legacy, we will launch an updated website showcasing the groundbreaking work that defined the RTFKT journey,” the statement said.
Before wrapping up, the company plans to release one final collection, the “BLADE DROP,” as a testament to its ethos of innovation and cultural impact. RTFKT clarified this isn’t the end but a transformation:
“RTFKT isn’t ending. It’s becoming what it was always meant to be — an Artifact of cultural revolution.”
A Journey Through NFT History
Launched in 2020, RTFKT quickly gained prominence in the NFT space, raising $8 million from investors such as Andreessen Horowitz before being acquired by Nike. The move was part of Nike’s vision to blend sport, creativity, and digital culture within the metaverse.
The company’s notable successes include its MNLTH and CloneX Mintvial collectibles, which generated $16.4 million and $13.9 million in royalties, respectively. Overall, RTFKT has earned nearly $50 million, including over $45 million in royalties, ranking it ninth among NFT projects, according to DefiLlama data.
The Evolving NFT Landscape
RTFKT’s closure comes amid a resurgence in NFT activity. November 2024 recorded $562 million in NFT sales — the highest in six months, per CryptoSlam data. Year-to-date sales are approaching $9.9 billion, already surpassing 2023’s total but still trailing the $15.7 billion and $23.7 billion tallies from 2021 and 2022, respectively.
As the NFT market continues to evolve, RTFKT’s departure marks the end of a trailblazing chapter in the digital collectibles space. While Nike did not comment immediately, the company’s broader strategy to innovate in the metaverse remains a focal point.
This transition reflects both the highs and shifting dynamics of the NFT era, cementing RTFKT’s role as a cultural artifact in digital history.