Nike has announced plans to end operations of its blockchain-focused sneaker brand RTFKT by January 2025.
In a statement, RTFKT thanked its community of creators and collectors and revealed plans to launch a new website documenting the brand’s journey, with plans to release the final product, the MNLTH X drop, in December.
The announcement raises uncertainty about the future of RTFKT’s flagship NFT projects, including the highly regarded CloneX series in collaboration with Japanese artist Takashi Murakami.
Source: RTFKTWhy did Nike shut down RTFKT?
The closure comes as Nike undergoes an internal restructuring under new CEO Elliott Hill, who will take over in October 2024. believes this may reflect a broader strategic shift to realign the company’s core business focus on brand initiatives
Since being acquired by Nike, RTFKT has become known for two outstanding products: the CloneX NFT collection launched in 2021 in partnership with Murakami, and hybrid sneakers that combine physical and digital innovation by combining exclusive sneakers with NFTs .
The official announcement provided limited information on the brand’s next steps and assured that updates would come via RTFKT’s pipeline.
Source: @JoeyMooose on XPublic bidding to acquire RTFKT assets
After the announcement, some people expressed interest in acquiring RTFKT’s intellectual property rights and NFT collection.
Within half an hour, influencer @waleswoosh made a public bid of $200,000. Soon after, @JoeyMooose, who was associated with the Pudgy Penguins NFT project, offered $10 million to acquire the brand. Rumors of additional bids have also surfaced, including potential interest from Alexandre Dreyfus, CEO of sports blockchain platform Chiliz.
As of now, neither Nike nor RTFKT have commented on the offers, putting the future of the brand and its assets into question.
