Nike is officially shutting down its virtual sneaker and fashion brand RTFKT. According to CEO Elliot Hill, Nike is recalibrating and reassessing its priorities as it moves into its next chapter of digital innovation.
RTFKT was Nike's surprise acquisition in 2021, one of its pandemic-era crypto investments into web3. Taking to X to make the announcement of the closure, the four-year-old company states that upon shut down, RTFKT will be launching a website that will showcase digital works spanning from NFTs that include Takashi Murakami-designed avatars to virtual versions of Nike Dunks. They announced that they will be halting operations by end of January 2025, including online quests its community members would have to complete to access the products.
The news comes just less than two months after Elliot Hill was named CEO of Nike. At the time of the launch RTFKT was seen as "the Supreme of the metaverse." John Donahoe wanted to Nike at the forefront of the digital world and even launched Nike's own web3 platform, .SWOOSH. Benoit Pagotto, Chris Le and Steven Vasilev established TRFKT in 2020 and rose to fame during the crypto boom during the pandemic. However, post-boom, RTFKT's NFTs saw their values decline, struggling to keep the community engaged.
Take a look at their statement below.
— RTFKT (@RTFKT) December 2, 2024
Click here to view full gallery at Hypebeast
