Nike Will Officially Shut Down Its NFT Project By January 2025
Following the example set by Kraken, RTFKT, known for their virtual NFT (Non-Fungible Token) sneakers, will officially be shut down by January 2025, as per an announcement made via X earlier today.
A New Website
Acquired by Nike in 2021 for an undisclosed amount, the Ethereum-based tokens of the company will still be available, even after the shutdown. To honor and preserve this pioneering legacy, the team will launch a new website highlighting the groundbreaking work that defined the RTFKT journey, the aforementioned announcement stated.
Founded in 2020, the Nike NFT project quickly became a leader in the NFT and metaverse sectors. It gained significant attention through major partnerships, including with Nike, as well as collaborations with notable figures like sneaker designer Jeff Staple and renowned Japanese artist Takashi Murakami.
The Rise Of Digital Collectibles
The success of the project attracted significant investment, raising at least $8 million by backers such as Andreessen Horowitz before its acquisition by Nike. The meteoric rise of RTFKT also coincided with the growth of digital collectibles, with the Nike NFT project innovating by blending physical and digital items.
Early achievements included a collection on Nifty Gateway that generated $10,000 in sales and building a community through Ethereum-based NFTs and tangible products. Over its lifetime, the company generated nearly $50 million in revenue, with over $45 million coming via royalties, according to DefiLlama data.
However, despite its success, the NFT market has faced increasing challenges. Nike forecasts an even further decline in demand for physical sneakers, which may signal a broader dip in interest for digital collectibles.
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