Nike has announced plans to wind down operations of 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.
In their statement, RTFKT thanked their community of creators and collectors, revealing plans to launch a new website documenting the brand’s journey and host one final product release, the MNLTH X drop, scheduled for December.
The announcement has sparked 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 shutting down RTFKT?
The closure comes as Nike undergoes internal restructuring under its new CEO, Elliott Hill, who took office in October 2024. Whilst specific reasons for the shutdown were not detailed, industry observers believe it may reflect a broader strategic shift to realign the company’s focus on core brand initiatives
Since its acquisition by Nike, RTFKT has been known for two standout products: the CloneX NFT collection, launched in 2021 with Murakami’s collaboration, 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 follow through RTFKT’s channels.
Source: @JoeyMooose on XPublic Bids to Acquire RTFKT Assets
Following the announcement, several individuals expressed interest in acquiring RTFKT’s intellectual property and NFT collections.
Within half an hour, influencer @waleswoosh made a public bid of $200,000. Soon after, @JoeyMooose, associated with the Pudgy Penguins NFT project, offered $10 million for 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 has commented on these offers, leaving the future of the brand and its assets in question.