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Nike-owned non-fungible token studio RTFKT will close operations sometime in January 2025 after releasing one last collection.
According to a December 2 post, the studio plans to release its final collection, titled “BLADE DROP,” as a tribute to its innovative legacy and a testament to its role in fusing technology with culture.
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Without revealing any additional information about next steps, RTFKT added that this transition marks a shift toward becoming “an artifact of the cultural revolution” rather than the end of its journey.
The studio also revealed plans for an updated website to showcase his groundbreaking work and preserve his legacy. However, details are still unclear on how the website will work, whether it will include tools for collectors, or how existing RTFKT nft holders will be supported.
Additionally, there has been no mention of how this move aligns with Nike's broader metaverse strategy or the future utility of RTFKT's popular ethereum-based collections, such as CloneX and MNLTH, which have generated combined royalty earnings of over $30 million. , according to <a target="_blank" href="https://defillama.com/nfts/earnings” target=”_blank” rel=”nofollow”>data from DeFiLlama. Since its launch, RTFKT has racked up $49.82 million in earnings, including more than $45 million in royalties.
Founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT managed to raise $8 million in funding from investors, including Andreessen Horowitz, before being acquired by Nike for an undisclosed amount in December 2021.
To date, RTFKT's total revenue amounts to $49.82 million, with royalties accounting for the majority, exceeding $45 million.
While the announcement did not mention why the project was shut down, the timing seems strange as the nft market has recently shown signs of recovery, with November sales hitting a six-month high of $561.9 million.
However, the prolonged market lull following the 2021-2022 peak, when most of RTFKT's revenue was generated, may have influenced the decision.
