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

BitMine Immersion Technologies Reports Significant ETH Holdings

BitMine Immersion Technologies disclosed its holdings of 6,060,506 ETH as of November 1, with a significant portion staked.

user avatarLuis Flores

CrowdStrike Introduces AI Agent Kill Switch to Enhance Corporate Security

CrowdStrike has introduced an AI agent kill switch to enhance security in corporate networks, allowing administrators to stop unauthorized AI activities.

user avatarArif Mukhtar

TLDR Strategy Acquires Additional Bitcoin and Repurchases Preferred Shares

TLDR Strategy announced the acquisition of 811 Bitcoin for approximately $655 million and the repurchase of about $208.2 million of its STRC preferred shares.

user avatarMaria Gutierrez

Upcoming Jobs Report to Impact Bitcoin's Market

The upcoming jobs report on November 6 is expected to influence Bitcoin's market performance.

user avatarZainab Kamara

Tether Freezes $15 Billion in USDT Following Binance Attack

Tether announced the freezing of over $15 billion in USDT linked to the late-October Binance attack, collaborating with investigators and industry partners.

user avatarDavid Robinson

ONDOToken Fails to Amplify Ether's Gains Amid Market Divergence

ONDOToken experienced a decline while ether gained against bitcoin, highlighting a divergence in performance.

user avatarAndrew Smith

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.