In the shocking event, Nike-owned RTFKT, a digital collectibles and sneakers platform, announced on December 2 that they would “wind down” operations by January 2025, leaving NFT holders in the lurch.
RTFKT: A Pioneer NFT Platform
Launched in 2019, RTFKT quickly became a renowned digital collectible platform after the hype in the non-fungible token (NFT) sector. During its journey, the platform collaborated with Nike on many groundbreaking projects like Cryptokicks iRL, Air Force 1 NFTs, and the exclusive NEKO Camo Dunk.
The announcement reads: “From Launching revolutionary projects Like Clone X with Takashi Murakami to Forging the first-ever digital sneakers that became physical products, to empowering countless 30 artists and digital creators who found their voices through our platform you, our community have been the driving force behind every innovation.”
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The announcement comes after the appointment of Nike’s new CEO, Elliot Hill, which shows a strategic shift in the brand’s digital focus. While John Donahoe, the previous CEO, emphasized expanding Nike’s digital presence through partnerships and initiatives like .SWOOSH, Hill’s leadership is intended to change direction.
Before winding up the operations, RTFKT has unveiled one more innovation, which is going to live this December. The innovation called “the MNLTH X” features the BLADE DROP, a testament to the platform’s commitment to pushing boundaries and merging worlds.
After the NFT hype peaked in early 2021, NFT sales volume and prices began to drop as the market faced huge volatility in 2022. While some intellectuals call it a bubble burst, others are considering oversaturation as a reason that led to market fatigue.
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Also Read: Kraken Announces NFT Marketplace Shutdown, What’s The Reason?
