<a target="_blank" href="https://x.com/Nike” target=”_blank” rel=”noopener”>Nike has announced plans to close operations of <a target="_blank" href="https://x.com/RTFKT” target=”_blank” rel=”noopener”>RTFKT, its blockchain-focused sneaker brand, by January 2025. This decision, shared via RTFKT's official account on x, marks the end of the brand's web3 initiatives.
<a target="_blank" href="https://x.com/RTFKT/status/1863621178532773928″ target=”_blank” rel=”noopener”>In his statement, RTFKT thanked its community of creators and collectors and revealed plans to launch a new website documenting the brand's journey and host the final product launch, the MNLTH x launch, scheduled for December.
The announcement has raised uncertainty about the future of RTFKT's flagship nft projects, including the highly regarded CloneX collection, a collaboration with Japanese artist Takashi Murakami.
Source: RTFKTWhy is Nike closing RTFKT?
The closure comes as Nike undergoes an internal restructuring under its new CEO, Elliott Hill, who took over in October 2024. While specific reasons for the closure were not detailed, industry observers believe which may reflect a broader strategic shift to realign the company's focus on its core areas. brand initiatives
Since its acquisition by Nike, RTFKT has been known for two notable products: the CloneX nft collection, launched in 2021 in collaboration with Murakami, and its hybrid sneakers, which combined physical and digital innovation by linking exclusive sneakers to nfts.
The official announcement provided limited information on the brand's next steps, with assurances that updates would be made through RTFKT channels.
Source: @JoeyMooose on xPublic tenders to acquire RTFKT assets
Following the announcement, several people expressed interest in acquiring RTFKT's intellectual property and nft collections.
In half an hour, influencer <a target="_blank" href="https://x.com/waleswoosh/status/1863627340078571994″ target=”_blank” rel=”noopener”>@waleswoosh made a public offer of $200,000. Shortly after, <a target="_blank" href="https://x.com/JoeyMooose/status/1863630470346322207″ target=”_blank” rel=”noopener”>@JoeyMooose, associated with the Pudgy Penguins nft project, offered $10 million for the brand. Rumors of additional offers have also emerged, including possible interest from Alexandre Dreyfus, CEO of blockchain sports platform Chiliz.
So far, neither Nike nor RTFKT have commented on these offers, leaving the future of the brand and its assets in doubt.
