The first bubble: Nike shuts down its NFT startup RTFKT due to you know what
RTFKT, a well-known startup in narrow circles specialising in NFT combined with sneaker culture, digital fashion and "Web3 technologies" (whatever that means), has announced that it will cease operations. The company, which became part of Nike in December 2021, said it would wind down operations by the end of January 2025. This decision did not come as a surprise to the gg editorial team, which has never believed in the "huge potential of the digital market".
Here's What We Know
In its statement, the company stressed that it remains proud of its achievements, including the launch of Clone X projects in collaboration with artist Takashi Murakami and the creation of the first digital sneakers to become physical products. Despite the closure, RTFKT plans to leave a legacy in the form of an updated website that will preserve information about the brand's key achievements.
In December 2024, the company will unveil its latest innovative product, MNLTH X, featuring a Blade Drop element, which symbolises their commitment to merging the physical and digital worlds. The team also thanked the community for their support, calling it the driving force behind their innovations.
Why It Matters
The closure of RTFKT highlights the challenges facing the NFT and Web3 market. Although the startup was considered "revolutionary," the declining interest in digital assets is forcing even major players such as Nike to rethink their strategies. The company said that RTFKT will remain an "artefact of the cultural revolution" (and of course), although operations are actually being suspended.
RTFKT will serve as an example of how even ambitious ideas can face difficulties due to overestimation of market potential. Will the brand's legacy be able to influence the future of NFTs? And who will fall next is an open question. We remind you that the "last one in loses everything" principle applies here.
Source: @RTFKT
