Nike’s NFT empire is getting ready for a major shift. RTFKT, the sneaker and digital fashion brand acquired by the sportswear giant in 2021, has announced plans to wind down its operations in January 2025. But don’t worry, it’s not going away completely—it’s evolving into something new and exciting.
Let’s dive into the journey of this trailblazing NFT company and what’s next in store for RTFKT and the world of digital fashion.
RTFKT: From Startup to Nike Powerhouse
Founded in 2020, RTFKT made waves in the NFT space by combining virtual sneakers, digital fashion, and blockchain technology in a way that had never been done before. The company quickly captured the attention of investors, raising over $8 million, including a significant funding round led by venture capital firm Andreessen Horowitz during the NFT boom of 2021.
In December 2021, just as NFTs were reaching their peak, Nike saw an opportunity to dive headfirst into the metaverse. They acquired RTFKT, marking a major step in their mission to blend sport, culture, gaming, and creativity in the digital world.
Nike’s vision for RTFKT was clear: to create virtual assets that would enhance their athletes’ and creators’ presence in the ever-evolving metaverse. And, in many ways, RTFKT became the face of Nike’s foray into digital fashion and virtual collectibles.
What’s Next? RTFKT’s Grand Finale and the Future of Digital Fashio
On December 2, RTFKT shared a post on X (formerly Twitter) confirming that it would officially sunset in January 2025. But they’re not going out with a whimper—they’ve got one last big drop up their sleeve: the highly anticipated “BLADE DROP” collection.
RTFKT made it clear that this final release would be a tribute to the groundbreaking legacy the brand has built over the past few years. According to the team, this release is more than just a collection; it’s a celebration of how RTFKT has continuously pushed the boundaries of what’s possible in the digital and fashion worlds.
In the announcement, RTFKT wrote: “RTFKT isn’t ending. It’s becoming what it was always meant to be — an Artifact of cultural revolution.” With these words, the company hinted that while it may be closing one chapter, it’s only preparing to open another.
A Legacy of Innovation and Massive Earnings
RTFKT has had a wild ride since its inception. In just a few short years, the company has made nearly $50 million in earnings, with over $45 million in royalties alone. It became one of the top NFT projects during the height of the digital collectible boom, and its collections, including the MNLTH and CloneX Mintvial, have been major hits. The MNLTH collection alone earned $16.4 million in royalties, while CloneX Mintvial brought in $13.9 million.
These collections were particularly successful during the NFT summer of 2021-2022, when demand for digital assets was at an all-time high. But as the hype has started to cool off in recent years, RTFKT—like many NFT projects—has had to adjust its expectations.
The NFT Landscape Today: A Different Story
Despite the closure of RTFKT’s operations, the world of NFTs is still alive and kicking. In November 2024, NFT sales hit $562 million, marking the highest total in six months. And with year-to-date NFT sales nearing $9.9 billion, 2024 is already outpacing last year’s figures. But it’s still a far cry from the sky-high numbers of 2021 and 2022, when NFT sales soared to $15.7 billion and $23.7 billion, respectively.
While the market may have cooled down from its peak, there’s still a lot of potential in the digital asset space. Whether it’s virtual fashion, gaming skins, or digital art, NFTs continue to serve as a new frontier for creative expression and ownership.
Why RTFKT’s Closure Is Still a Big Deal
Even though RTFKT is transitioning into something new, its influence on the digital fashion and NFT world can’t be understated. The brand played a pivotal role in popularizing the concept of virtual fashion, merging high-end design with blockchain technology. It wasn’t just about selling virtual sneakers; it was about creating a whole new way for people to express themselves in the digital world.
The acquisition by Nike helped to solidify RTFKT’s role as one of the most innovative companies in the metaverse, and while its operations may be coming to an end, the legacy of RTFKT will likely continue to influence the digital fashion industry for years to come.
Looking Ahead: What Will Nike Do With RTFKT’s Legacy?
So, what’s next for RTFKT and Nike’s metaverse ambitions? While the company may be winding down its operations, the legacy of RTFKT’s digital collectibles and virtual fashion will likely live on in Nike’s larger metaverse plans. As the digital space continues to evolve, we could see Nike leveraging RTFKT’s innovations in other ways—perhaps as part of future collaborations or new virtual experiences for athletes, gamers, and digital fashion enthusiasts.
For now, though, all eyes are on RTFKT’s final collection drop. If the past few years have shown us anything, it’s that the world of NFTs is always changing, and in the blink of an eye, the next big thing could be just around the corner.
So, grab your digital wallets and get ready to see what RTFKT’s “BLADE DROP” has in store—it’s sure to be a memorable way for the brand to bow out and leave its mark on the NFT landscape for good.
