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.'
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.
