Nike-owned non-fungible token studio RTFKT will wind down operations sometime in January 2025 after launching one last collection.
According to a Dec. 2 post, the studio plans to release its final collection, titled “BLADE DROP,” as a tribute to its innovative legacy and a testament to its role in merging technology with culture.
Without disclosing any additional information regarding the next steps, RTFKT added that this transition marks a shift toward becoming “an artifact of cultural revolution” rather than an end to its journey.
The studio also revealed plans for an updated website to showcase its groundbreaking work and preserve its legacy. However, details on how the website will function, whether it will include tools for collectors, or how existing RTFKT NFT holders will be supported remain unclear.
Additionally, there has been no mention of how this move aligns with Nike’s broader metaverse strategy or the future utility of RTFKT’s popular Ethereum-based collections, such as CloneX and MNLTH, which have generated combined royalty earnings of over $30 million, according to data from DeFiLlama. Since its launch, RTFKT has amassed $49.82 million in earnings, including over $45 million in royalties.
Founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT managed to raise $8 million in funding from investors, including Andreessen Horowitz, before being acquired by Nike for an undisclosed amount in December 2021.
To date, RTFKT’s total revenue stands at $49.82 million, with royalties accounting for the majority at over $45 million.
While the announcement did not mention why the project was shutting down, the timing seems odd as the NFT market has recently shown signs of recovery, with November sales hitting a six-month high of $561.9 million.
However, the prolonged market lull following the 2021-2022 peak—when the bulk of RTFKT’s revenue was generated—may have influenced the decision.
Read the full article here