- Nike’s Web3 subsidiary RTFKT announces closure after three years of operation
- Clone X NFT collection prices drop 44% following shutdown announcement
- Company plans final MNLTH X project launch in December 2024
- Nike to maintain Web3 presence through .Swoosh platform but pauses NFT collections
- Community members offer $100,000+ to acquire RTFKT brand rights
Nike’s digital fashion subsidiary RTFKT, acquired in December 2021, announced its shutdown on Monday amid declining NFT valuations and reduced market interest. The company, known for its $10,000 digital sneakers and high-profile collaborations, will cease operations following a final project release in December.
Decline of a Digital Fashion Pioneer
RTFKT (pronounced “artifact”) established itself as a leading digital fashion brand after launching $10,000 digital sneakers on Nifty Gateway. The company developed an ecosystem of Ethereum-based NFTs and physical collectibles, collaborating with artists like Takashi Murakami.
Nike’s acquisition of RTFKT in 2021 was positioned as a strategic move to advance the company’s digital transformation. Under Nike’s ownership, RTFKT created several shoe collections and secured partnerships with notable figures, including NBA star LeBron James.
Market Performance and Value Decline
The company’s flagship Clone X NFT collection experienced significant value deterioration, with data from NFT Price Floor showing a 44% decline in average sale prices. The collection’s floor price dropped from its 2022 peak of $63,000 to less than $1,000 worth of ETH.
Future of Nike’s Web3 Strategy
Nike will maintain its Web3 presence through its .Swoosh platform on the Polygon network, though the company indicated it would pause new NFT releases. The decision follows broader market trends showing reduced enthusiasm for digital collectibles.
Community Response
Web3 community members have publicly offered over $100,000 to acquire RTFKT’s brand rights, drawing parallels to Luca Netz’s successful revival of the Pudgy Penguins NFT collection.
RTFKT’s final initiative, the MNLTH X featuring the Blade Drop, is scheduled for December 2024, marking the end of its operational phase. In its closing statement, the company described itself as becoming “an artifact of cultural revolution.”
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