Nike-Owned RTFKT to Shut Down Operations by January 2025

RTFKT, the pioneering Web3 studio acquired by Nike in 2021, has made headlines with its recent announcement to shut down its operations by January 2025. This news has come as a surprise to many, especially considering RTFKT’s reputation for innovation and groundbreaking projects like Clone X.

Founded in 2020, RTFKT quickly established itself as a leader in the Web3 space, known for its NFT sneakers and collaborations with renowned artists like Takashi Murakami. The studio’s acquisition by Nike was seen as a significant step towards embracing the metaverse and digital collectibles, solidifying RTFKT’s position as an industry trailblazer.

Despite its impressive track record, the decision to wind down operations has left many in the community feeling uncertain and disappointed. While RTFKT has acknowledged the impact it has had on the Web3 landscape, some creators have expressed frustration over the abrupt nature of the closure.

Adding to the surprise is RTFKT’s release of one final product, the MNLTH X featuring the Blade Drop, in December. This move, coming so close to the studio’s planned shutdown, has raised questions about the rationale behind the decision and its alignment with RTFKT’s previous focus on long-term innovation.

In an effort to preserve its legacy, RTFKT has announced plans to create an archival website showcasing its projects and will continue to update existing collections and services through official channels like Discord. However, questions remain about the fate of royalties and intellectual property associated with RTFKT’s projects.

The studio’s decision to shut down by January 2025 has left many wondering about the reasons behind the move. While RTFKT has not provided explicit explanations, speculation abounds about whether this reflects internal strategic shifts at Nike or a broader reevaluation of the company’s involvement in the NFT space.

As the Web3 community grapples with the news of RTFKT’s impending closure, there is a sense of reflection on the studio’s impact and a curiosity about what the future holds for its innovative spirit. Despite the uncertainties, RTFKT’s legacy as a pioneering force in the Web3 space is sure to endure, leaving a lasting imprint on the digital landscape.