RTFKT Ends Operations by January 2025, Leaving a Significant Legacy

user avatar

by Giorgi Kostiuk

2 years ago

RTFKT, known for its NFT virtual sneakers and acquired by Nike in 2021, announced it will cease operations in January 2025, leaving a significant legacy in the NFT realm.

History of RTFKT

Launched in 2020, RTFKT quickly gained popularity, raising over $8 million from investors, including Andreessen Horowitz. The company was acquired by Nike in December 2021 during the peak of the NFT boom.

Closure and Final Collection

RTFKT has announced its closure and plans to release its final 'BLADE DROP' collection. The company also intends to launch an updated website showcasing their pioneering projects. As per the company's statement, 'RTFKT isn’t ending. It’s becoming what it was always meant to be — an Artifact of cultural revolution.'

RTFKT isn’t ending. It’s becoming what it was always meant to be — an Artifact of cultural revolution.

Impact on NFT Market and Achievements

Since its launch, RTFKT has generated nearly $50 million in revenue, including over $45 million from royalties. Its most successful collections are MNLTH and CloneX Mintvial. NFT sales hit $562 million in November 2023, demonstrating strong market interest.

RTFKT's closure marks a significant event for the NFT industry, leaving behind a rich legacy and reflecting the evolution of the digital assets market in recent years.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

24X and Standard Chartered Enhance Partnership for Institutional Crypto Trading

24X Bermuda expands its partnership with Standard Chartered to facilitate institutional trading of Bitcoin and Ether, enhancing access to cryptocurrency and foreign exchange.

user avatarKaterina Papadopoulou

Strategy's Dual Approach: Bitcoin Acquisition and Preferred Share Repurchase

On November 9, Strategy announced the acquisition of 1,036 additional Bitcoin alongside the repurchase of approximately 188 million STRC preferred shares.

user avatarMaya Lundqvist

Bitcoin Slips Toward $74,000 After Fed Governor Signals December Rate Hike

Bitcoin's value has dropped significantly, approaching the $74,000 level, as Federal Reserve Governor Christopher Waller voiced clear support for raising interest rates at the upcoming December FOMC meeting.

user avatarLeo van der Veen

MARA Reports Significant Bitcoin Sales and Loan Repayment

MARA disclosed significant Bitcoin sales and loan repayment, marking a strategic shift from holding to monetizing reserves.

user avatarLi Weicheng

US Spot Ether ETFs Face Major Withdrawals on November 9

On November 9, US spot Ether ETFs experienced significant net withdrawals totaling $1.846 billion, primarily driven by BlackRock's ETHA, reflecting ongoing investor concerns about market conditions.

user avatarAisha Farooq

Crypto Firms Rally Behind CFTC in Perpetual Futures Legal Battle

Coinbase, Kalshi, and four other companies filed an amicus brief supporting the CFTC's authority to regulate perpetual futures tied to US stocks amid a significant lawsuit.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.