Michaela Alvez
Nike’s virtual sneaker company, RTFKT, has announced plans to wind down its activities as the broader market for digital assets continues to face challenges.
RTFKT announced in a post on X that it will cease its Web3 activities by January 2025. To preserve its legacy, the company plans to launch a new website showcasing its past projects.
The digital fashion and collectibles company is set to release its final product drop this month, called MNLTH X, featuring the Blade Drop.
Founded in 2020, RTFKT quickly rose to prominence by revolutionizing the way people interacted with fashion and digital assets.
The company gained widespread attention for creating the first-ever digital sneakers that were then made into physical products, combining the worlds of virtual collectibles and real-world fashion.
In December 2021, the company made headlines when it was acquired by Nike. The acquisition was part of Nike’s strategy to enter the metaverse and capitalize on the growing popularity of virtual goods and NFTs.
Crypto Community Questions RTFKT Winding Down
The announcement of RTFKT’s closure sparked widespread concerns within the crypto community. Many are expressing confusion over the company’s decision to shut down.
Michael “TFG” Padilla, CEO and Founder of Swamp Gaming, reacted to RTFKT’s shutdown announcement on X, calling it “wild” given the current bull market. The ApeCoin ambassador questioned the timing of the decision.
Web3 angel investor and collector, Rahim Mahtab called RTFKT’s move to be the “saddest story to come from the NFT space.”
Italian NFT artist Federico Clapis also expressed his views on RTFKT’s decision to wind down operations, offering a more positive perspective.
“I find this to be a bold choice. You could have simply said nothing and let the project fade away, but with this post, you’re bringing closure to a great project that will become history and archaeology.” Clapis wrote on X.
Have NFTs Lost Their Appeal?
The NFT market has seen a considerable decline in 2024, as both established companies and new ventures face difficulties in sustaining interest and demand. Like RTFKT, other platforms have decided to shut down their NFT marketplaces.
Crypto currency exchange platform Kraken announced in November that it would allow users only a few months to withdraw their tokens before its complete closure in February 2025.
However, recent developments in the NFT space have sparked some renewed optimism despite the market’s ongoing struggles. FIFA has partnered with Mythical Games to launch FIFA Rivals, a mobile NFT football game slated for release in mid-2025.
Additionally, a wallet associated with Ethereum co-founder Vitalik Buterin recently minted 400 Patron NFTs.
Read More
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
