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Following the release of its final collection, RTFKT, the Nike-supported NFT studio, will close its doors in January 2025. The announcement marks the conclusion of an innovative journey in the fusion of culture and technology.
In a December 2 post, RTFKT revealed plans to launch its last collection, titled BLADE DROP. This release aims to honor the studio’s legacy and its impact on the NFT and digital art world. Describing the closure as a transition rather than an end, RTFKT stated it will evolve into “an artifact of cultural revolution.”
While the exact details remain sparse, the studio mentioned launching an updated website to showcase its achievements and preserve its innovations. However, RTFKT has not clarified whether the site will provide tools for collectors or how existing NFT holders will be supported.
Founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT quickly gained prominence for its creative use of blockchain technology. The studio raised $8 million from investors, including Andreessen Horowitz, before Nike acquired it in December 2021.
According to DeFiLlama, RTFKT’s collections, including CloneX and MNLTH, became extremely popular and brought in over $30 million in royalties. Royalties have accounted for the majority of the studio’s total revenue of $49.82 million.
The decision to wind down may have been driven by the NFT market’s decline after its peak in 2021–2022, notwithstanding its success. The timing of the shutdown is called into doubt, nevertheless, given recent indications of improvement in the NFT sector, such as sales in November 2023 reaching $561.9 million, a six-month high.
The announcement raises questions about how Nike’s larger metaverse goals relate to RTFKT’s closure. It’s still unclear what will happen to its Ethereum-based NFT collections and how useful they are to holders.