Nike to Close NFT Studio RTFKT by 2025

Nike’s acquired NFT project, RTFKT, will cease operations by the end of January 2025. All issued tokens will remain in circulation. 

The studio specialized in creating digital collectibles for metaverses. By the time of its acquisition, RTFKT had gained a reputation as a promising startup.

Amid the NFT and virtual world boom, the project released collections in collaboration with renowned brands, including Nike. RTFKT worked with notable figures such as sneaker designer Jeff Staple and Japanese artist Takashi Murakami.

In 2021, the project raised $8 million in a seed funding round led by Andreessen Horowitz.     

The sportswear manufacturer acquired the startup to expand its presence in the metaverse sector. As a Nike division, the studio not only launched several NFT collections but also made “digital sneakers” physically real under its own brand.

According to DeFi Llama, RTFKT’s total revenue from NFT sales amounted to $49.8 million, with $45.7 million coming from royalties. The most successful collection, CLONE X, released in collaboration with Murakami, generated $119 million ($37.8 million in royalties).

Earlier in September, NFT Evening concluded from market analysis that 96% of issued non-fungible tokens are effectively dead.