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

Riot Platforms Reports Third-Quarter Revenue and Mining Performance

Riot Platforms reported a slight increase in third-quarter revenue of $181.4 million, with Bitcoin mining contributing $116 million, reflecting a decline due to lower average realized Bitcoin prices.

user avatarNguyen Van Long

Riot Platforms Sells 20,264 BTC to Fund Datacentre Development

Riot Platforms has sold 20,264 Bitcoin to raise approximately $15 billion for datacentre development, marking a shift in its business model towards long-term contracted revenues.

user avatarKofi Adjeman

US Treasury Acts Against MEXC Global for Illegal Transactions.

The US Treasury's FinCEN has issued a measure prohibiting US financial institutions from processing transfers involving MEXC Global due to $16 billion in illicit transactions linked to sanctions evasion and cybercrime.

user avatarSatoshi Nakamura

Yaroch's Theft Compromises Investigations and Raises Security Concerns

Yaroch's fraudulent activities compromised investigations and raised security concerns regarding cryptocurrency managed by government agencies.

user avatarJesper Sørensen

Former FBI Agent Admits to Stealing $25 Million in Cryptocurrency

Former FBI agent Patrick Steven Yaroch pleaded guilty to stealing nearly $25 million in cryptocurrency from federal investigations, compromising sensitive operations.

user avatarRajesh Kumar

Labor Department Submits Crypto Retirement Rule for Review

The Labor Department's proposal includes guidelines for evaluating cryptocurrencies as investment options.

user avatarLucas Weissmann

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.