Nike-Owned RTFKT to Shut Down Operations
RTFKT, the digital creator of virtual sneakers that Nike Inc. acquired in 2021, revealed Monday that it will shut down operations.
The platform shared in a post on X that it will wind down its web3 operations by January of 2025, with plans to launch a new website to preserve its past projects. RTFKT also said it will launch one more drop this month: the MNLTH X featuring the Blade Drop, which it described as a testament to its “commitment to pushing boundaries and merging worlds.”
Founded in 2020, RTFKT works with game engines, NFTs, blockchain authentication and augmented reality to create products that live at the nexus between fashion and gaming. RTFKT, which partners with digital artists, was a key acquisition for Nike under former chief executive officer John Donahoe. It came at a time when Nike, like other shoe companies, was pushing more deeply into digital sales, NFTs and opportunities in the metaverse.
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In November of 2022, Nike launched .Swoosh, its own metaverse marketplace platform meant to foster a “inclusive digital community” for athletes and Nike consumers. The blockchain-powered platform allowed Nike members to collect virtual — and sometimes real — footwear and apparel products. In 2021, Nike partnered with the Roblox video game platform to launch “Nikeland,” a digital world for Nike fans to play games, connect, and dress their avatars in virtual apparel via a digital showroom.
While Nike has launched several sneaker NFTs through its RTFKT platform, interest in virtual assets has declined since 2022. Plus, the recent introduction of Elliott Hill as Nike’s new CEO and president has heralded a broader shift of priorities at the brand that has included a renewed focus on physical innovation and strong relationships with key wholesale partners.
